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Trading Outlook for USD-pairs, Euro & Sterling Crosses, Gold & More

Trading Outlook for USD-pairs, Euro & Sterling Crosses, Gold & More

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Today, we started out by looking at some USD-pairs, namely EURUSD. The euro put in a key weekly reversal bar last week which set the tone for lower prices this week. We are seeing a correction at the least develop, and we will be honing in on a developing downtrend on the 4-hr chart. GBPUSD is heading towards support but any minor bounces until we move sub-12900 towards the March trend-line will be viewed as opportunities to sell. USDJPY is traversing in a key area, and if it doesn’t hold it is at risk of moving below 10900 soon.

EURCAD is high on the radar as a short candidate with it turning lower off of resistance and now putting in a short-term ‘head-and-shoulders’ pattern. It still needs to trigger the neckline near 14840 but it’s a solid neckline so if it does it should find good downward momentum. EURGBP is in the process of possibly developing a rising wedge which could at some point soon lead to a sharp move lower. We also looked at EURAUD as it finds resistance in the form of an upper parallel. GBPAUD had a strong reversal-day last week and looks poised to continue lower towards a trend-line near 16100. GBPCAD is also under consideration as a short.

Gold and silver are trying to surge again as risk aversion hits markets on the North Korea ordeal. As long as last week’s highs hold, a short bias is still intact. Crude oil is forming a triangle under trend-line resistance, but looks poised to break higher towards the area around 51.50.

The S&P 500 yesterday put in a key reversal bar, positioning it for lower prices towards support around 2450. The DAX has struggled mightily to break into the 12300s with conviction and now faces breaking down below lows created in late July. The ‘head-and-shoulders’ momentum is still alive, and even if the euro sells off if risk-aversion hits markets then the single-currency weakness won’t be of any help.

For the full technical outlook, please see the video above…

Check out the Q3 Forecasts for our take on where markets are heading.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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