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Trading Outlook: US Dollar, Cable, Yen, Gold & More

Trading Outlook: US Dollar, Cable, Yen, Gold & More

Paul Robinson,

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In this webinar, we looked at the precarious positioning of the US Dollar Index (DXY) and how things might soon play out. One of the better-looking set-ups out there right now is GBPUSD long if it can clear above last week’s breakout day high. There isn’t ‘much to the left’ on the chart until the vicinity of 13400/500. (For details on this trade idea.) USDJPY is up against resistance at this time, looking for a turn lower in momentum. The Yen cross-rates in focus as short candidates are EURJPY, AUDJPY, and NZDJPY. GBPJPY on a dip may be the best of the bunch to look for a long entry.

Gold recently turned lower from the 2011 trend-line, but is now finding some minor support around the 1260 area. The preferred spot to look for a bounce to develop from is lower at the trend-line rising up from the December trough. Silver is already near its similar December trend-line, and if gold can maintain a bid soon and silver can turn up from there then a trade to the upside may develop.

Crude oil is nearing an important one-year trend-line, which it turned higher from after a triple bottom formation in March. Another revisit soon and turn higher may offer a good long set-up.

The S&P 500 is clearing through levels and looks poised to follow the Nasdaq 100 to record highs. The Dow to join the party as well. The DAX looks good on a small dip and retest of old record highs under 12400. The CAC is hanging out after its massive gap on Monday, a time correction is needed. The FTSE 100 sprung from big support to intermediate-term resistance; so far it holding up and could soon head towards the upper 7300s.

For full technical considerations, please see the video above.

Looking for longer-term market views? See our quarterly forecasts for FX, equity indices, and commodities.

---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.