The euro is testing a resistance area at this time, which if broken should lead towards the year high or better. USD/JPY continues to be a big focal point for sellers, and with support breaking looking for lower prices. Gold continues ready itself for a move.

Highlights:

  • EUR/USD testing big resistance, a break into the 11900s sets up for higher prices
  • GBP/USD range-break could soon be upon us, but has resistance to contend with
  • USD/JPY broke support, looks headed for lower prices; USD/CAD too
  • Gold is chopping around, but should resolve itself one way or another soon

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EUR/USD is pressing up against the 11876-area, which is the 2010 low and has been a focal point since August. Clearance into the 11900s should set up for a move into the 12000s, with potential for a move to new highs for the year. Big support remains around the 11700s line.

EUR/USD: Daily

Technical Outlook for Euro, Sterling, CAD, Yen, Gold & More

GBP/USD continues to remain range-bound, with it testing resistance around 13300 now. It has technical levels to break through for clearance – the 2014 trend-line and levels post-Brexit. It makes for a tough long at this immediate juncture, but with continued dollar weakness it is set to breakout. The range has been one of the most persistent and is setting up to end soon. USD/JPY is rolling down hill quickly and with it trading in the mid-11100s below big support risk is for it to continue to lower into the 10900s near-term. Bounces towards 11200 should be short-lived with not only price resistance in the area but the 200-day MA aligning around 11170.

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USD/JPY: Daily

Technical Outlook for Euro, Sterling, CAD, Yen, Gold & More

USD/CAD broke the September trend-line we’ve focused on as a trigger for lower prices. With the confirmed close below, now targeting 12590 and the 2012 trend-line near 12500. (You can check out details for this trade idea here.) AUD/USD and NZD/USD look headed for recovery bounces, but still have their work cut out for them to trade higher. For now, staying away from those pairs.

USD/CAD: Daily

Technical Outlook for Euro, Sterling, CAD, Yen, Gold & More

In the cross-rate realm, EUR/JPY continues to be of interest as it continues to hammer down on a support zone in the 13100s. A strong daily close below 13100 opens up a path for it to head towards 12937 and below 12800. AUD/JPY is failing to muster much of a bounce and could soon ready itself for another leg lower, with 8380 in sight as the next support level. We also took a look at EUR/AUD and EUR/NZD.

Gold and silver continue to chop around into what could become even bigger symmetrical triangles than the ones we looked recently. The focus here is on two trend-lines. For gold, it rises up off the December low, and for silver it runs back to July. Stay above they remain constructive, but break below and a continuation-move off the September high becomes the focus.

Gold: Daily

Technical Outlook for Euro, Sterling, CAD, Yen, Gold & More

For full technical considerations, please see the video above…

---Written by Paul Robinson, Market Analyst

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