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Technical Outlook – EURUSD, CAC 40 Ahead of French Election; Cable, Gold & More

Technical Outlook – EURUSD, CAC 40 Ahead of French Election; Cable, Gold & More

2017-04-21 11:11:00
Paul Robinson, Strategist

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In this webinar, we took a look at EURUSD ahead of the French presidential election this weekend. The euro put in a nice reversal bar off trend-line resistance yesterday, which under ‘normal’ circumstances would have been a trade worthy of serious consideration, but given event risk ahead it’s a pass.

GBPUSD is holding well under resistance after breaking the neckline of a bottoming formation, and looks poised to break into the 13000s soon, with 13400/3500 eyed as the target zone. USDJPY isn’t holding up too well after trying to reverse this week, looking for the current bounce to fizzle at some point.

USDZAR is of interest after a big reversal on the weekly from a retest of the broken 2011 trend-line; watching for set-ups to develop on the daily/4-hr time-frames.

Speaking of trend-lines running back to 2011, gold sits perched up against the one dating back to the record high. Not viewed as a long until we see a solid weekly closing bar above, and despite it sitting at resistance, though, not a seller. In the neutral camp for now.

The CAC 40 is trying to hold above the 2000-current trend-line it closed above recently. A weekly close above today would be encouraging after probing below the long-term trend-line on a daily basis, but, again, like with the euro we are left in ‘wait-and-see’ mode until after election results. The DAX is in limbo, and still has a short-term bearish trend structure we are operating off of; 12050 has been stiff resistance for a few days.

The S&P 500 is butting up against the trend-line off the March 1 record high and remains tilted negatively in the short-term, but a break above could mark the end of the correction. The Nasdaq 100 is sitting strong near record highs and could be an indication that the S&P will break higher. But, overall we are sticking to how things play out with the S&P the next few days before drawing further conclusions about the broader market.

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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.