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Technical Outlook for Euro, Sterling, Yen (Crosses), Gold & More

Technical Outlook for Euro, Sterling, Yen (Crosses), Gold & More

Yesterday, the euro held a trend-line off last month’s low and keeps it pointed higher, while GBP looks bullish versus several currencies. Turning to the Japanese yen, it is mixed across the board with differing looks. Will gold soon go the way of silver?


  • EUR/USD held November trend-line support yesterday, keeps it pointed higher
  • GBP/USD is above the 2014 trend-line, next up is the highs over 13600 before more momentum could surge in; GBP cross-rates looking strong too
  • USD/JPY may be about turn lower from here, but JPY versus other currencies is mixed
  • Will gold soon go the way of silver? Watch the December 2016 trend-line

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EUR/USD declined into trend-line support yesterday and held, which keeps it pointed higher as long as it and 11810 holds. Levels over 12000 looking poised to be challenged in the not-too-distant future. USD/JPY could be set to turn lower here and possibly put in the ‘right shoulder’ of a ‘head-and-shoulders’ pattern, but needs a little more time before this scenario becomes a reality. AUD/USD and NZD/USD remain weak pairs with the greatest potential to continue moving lower, but if the US dollar goes into full-blown ‘bear-mode’ these could catch a bid as well.

EUR/USD: 4-hr

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GBP/USD is trading above an important trend-line running down from 2014 and looks headed to challenge the spike-high at 13659 (which aligns with the post-Brexit Monday gap). A breakout beyond that point clears a path higher.

GBP/USD: Daily

GBP/JPY is looking quite bullish, but still needs to cross 15285 for further upside. On the flip-side, NZD/JPY is in the process of working on a bear-flag, but will need to confirm the pattern first before looking for lower prices. EUR/JPY continues to work within a broad range, currently testing the top-side of it now. It’s been on our radar for a while with defined levels on both the top and bottom-side, and should soon be ready to make a break for it one way or another. As per usual, we’ll take a reactionary stance versus predicting.

EUR/JPY: Daily

Could gold soon be going the way of silver? Silver broke down from a wedge below the July trend-line, and has done-so with quite a bit of momentum. Gold turned back down from resistance in the 1296/1300-area and is currently pressing down on the December 2016 trend-line. This will need to hold to keep a bid in gold, otherwise a break is likely to lead it to the same fate as silver.

Keep an eye on equity indices, things are starting to heat up. For a discussion on global stock markets and commodities, join me on Tuesday at 10 GMT time for the discussion. You can sign up here.

Gold: Daily

For full technical considerations, please see the video above…

---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.