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Dow Jones, USD/CAD, Gold & More: Charts for Next Week

Dow Jones, USD/CAD, Gold & More: Charts for Next Week

Paul Robinson, Strategist

Charts of Interest:

  • Dow Jones in historically oversold territory
  • USD/CAD working on a major breakout
  • Gold is backing off despite major risk-off

Dow Jones is in historically oversold territory with only a handful of times in the last 40 years being so overdone when looking at the short-term. The Dow futures are off nearly 13% over the course of the last five sessions, a threshold not seen since the depths of the financial crisis. A bounce is due, and with growing chatter about possible emergency measures by central banks it could be a big one. We will take it one day at a time, but a bounce is seen as happening sooner rather than later.

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Dow Jones Daily Chart (historically oversold)

Dow Jones daily chart

Dow Jones Chart by TradingView

USD/CAD is working on a significant breakout that could lead to some longer-term gains and a generally bullish trading bias on shorter-term charts. The pair is currently crossing over the 2016 trend-line and above some highs formed during the latter part of 2019. A weekly close (holding today’s rally) above 13382 would be ideal as confirmation.

USD/CAD Weekly Chart (working on sustaining a breakout)

USD/CAD weekly chart

USD/CAD Chart by TradingView

Gold is sharply underperforming expectations, catching many off guard. It looks as though a decline could deepen some more here, or a sideways move at best. Short-term this means sellers may have the upper hand, but the long-term picture is still bullish with the trend remaining firmly pointed higher. Keep an eye on the trend-line from December, and the area down in the mid-1500s, as this was the area gold struggled with from the 2011/12 topping process.

Gold Daily Chart (watch support levels)

Gold daily chart

Gold Chart by TradingView

For all the charts we looked at, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.