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EUR/USD, USD Index, Gold Charts & More

EUR/USD, USD Index, Gold Charts & More

2020-06-16 11:30:00
Paul Robinson, Strategist
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Technical Outlook:

  • EUR/USD trying to hold a rally
  • DXY trying to come off of support and reassert itself
  • Gold remains rangebound but positioned positively so far

The Euro is up against a long-term trend-line and trying to hold onto the rally but can it do so? It has failed within a week or so each time it has posted any kind of rally since early 2018. If it can maintain here then it could perhaps break that pattern, but if it rolls lower in the next few days then that sequence of failed rallies likely continues.

EUR/USD Daily Chart (trying to hold rally)

EUR/USD daily chart

EURUSD Chart by TradingView

The US Dollar Index is trying to hold the 2018 trend-line, and if it can it may reassert the trend higher in place over the recent years. A break below 95.72 will start to break the bullish bias and could usher in much lower prices. This is of course largely Euro dependent as the single-currency accounts for roughly 57% of the index.

USD Forecast
USD Forecast
Recommended by Paul Robinson
Check out the Mid-Q1 USD Update.
Get My Guide

US Dollar Index (DXY) Daily Chart (trend-line support)

US Dollar Index (DXY) daily chart

DXY Chart by TradingView

Gold continues to venture sideways in what is turning out to be a nice consolidation pattern. It has been two months since the congestion began, but could continue for a few weeks longer. However, the pattern is developed enough that a breakout from here could be sustainable. As long as price stays above 1658 on a closing basis then the consolidation remains valid. A breakout of 1765 will likely lead to an important test of the three peaks in 2011/12 right around 1800.

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Mid-Q1 Gold Update.
Get My Guide

Gold Daily Chart (consolidating nicely)

Gold daily chart

Gold Price 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.

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