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Technical Outlook - DXY, GBP-pairs, Gold Price, FTSE 100 & More

Technical Outlook - DXY, GBP-pairs, Gold Price, FTSE 100 & More

Paul Robinson,

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In today’s webinar, we focused primarily on FX, with emphasis on the surge in sterling. GBPUSD has broken the neckline of a big-picture bottoming pattern, and looks ready to make a move towards 13400/3500. But we need to see it cross over ~12900 with conviction as there is resistance from several months back. EURGBP is one of the more compelling looking cross-rates we looked at, with it set it appears on the verge of a big move lower. While it’s a macro set-up, there will still be opportunities along the way on the shorter-term time-frames. GBPJPY and GBPCAD also have our attention.

The DXY is trading at trend-line support and just above a thicket of other support lines. As such, it is at risk of a bounce in the near-term, but a break below all support levels could make for a big concerted move lower in the dollar.

Yen-crosses are mostly mounting rallies from oversold, but conviction is fairly low at this time. NZDJPY may soon be of interest for yet another leg lower if it can’t bounce from support.

USDZAR tested the long-term (2011) trend-line and reversed last week. The reversal now has us on the hunt for set-ups on the daily chart moving forward.

Gold is up against the 2011 trend-line, which has us cautious on longs, but not necessarily bullish on shorts. Silver is pulling back from resistance but has some intermediate-term trend support close at hand. We’re in a holding pattern in precious metals for the most part. The same goes for crude oil.

European equity indices took a shot yesterday and look headed lower. We ran through possible points of interest on the DAX, CAC 40, and FTSE 100. The S&P 500 is still poorly postured and as long as it stays below the trend-line off record highs the view remains bearish, with another lower low towards 2300 anticipated.

For full technical considerations, please see the video above.

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---Written by Paul Robinson, Market Analyst

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