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Trading Outlook: JPY & EUR Cross-rates, Gold/Silver, S&P 500 & More

Trading Outlook: JPY & EUR Cross-rates, Gold/Silver, S&P 500 & More

2017-02-22 12:57:00
Paul Robinson, Strategist
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Paul conducts webinars every Wednesday, Thursday, and Friday. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

In today’s webinar, we discussed the current US dollar (DXY) bounce, but placed more emphasis on various cross-rates. GBPJPY is coiling up nicely on the daily chart, and setting up to have a sizable directional move soon. Other JPY crosses were covered as well; EURJPY, CHFJPY, and NZDJPY.

Other crosses examined were EURNZD, EURGBP, GBPAUD, and GBPNZD. In the emerging market space, USDZAR is bumping up against resistance and in position to soon continue heading lower.

Silver is maintaining a rising channel within the framework of an ongoing breakout from an inverse head-and-shoulders pattern. Turning to gold, it is coiling up and could be ready soon to make a sizable breakout.

Oil remains a mess, with day-to-day volatility making it difficult to get a good idea on what the next major move will be.

The S&P 500 continues its relentless move higher and looks overdone, but until price action turns bearish it’s a difficult proposition from the short-side. The underside of the November trend-line just ahead may keep a lid on the advance, even if for just a short while. The DAX continues to head into levels from 2015, but some caution is warranted as momentum isn’t particularly strong. Recent breakout levels are viewed as support. The FTSE 100 could be stalling here and starting to roll over, but still has good support suggesting it may be a consolidation instead.

For full technical considerations, please see the video above.

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---Written by Paul Robinson, Market Analyst

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