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Technical Overview for Euro, Yen, EUR & GBP Cross-rates, Gold and More

Technical Overview for Euro, Yen, EUR & GBP Cross-rates, Gold and More

Paul Robinson, Strategist

The euro is treading very near important support and needs to hold or else risks declining further. USD/JPY is at key trend-line resistance. GBP crosses are at support on the current pullback. Gold, silver to remain weak.

Enjoy the video? DailyFX analysts host live events daily, see the Webinar Calendar for details.

Highlights:

  • EUR/USD is treading real close to a significant support zone as FOMC, ECB looms
  • USD/JPY at long-term trend-line resistance, key to near-term outlook
  • GBP versus several currencies are at spots of interest on the current pullback
  • Gold may bounce, but has solid resistance levels not far ahead

EUR/USD is trading down near big support in the area of ~11730/11660 (April trend-line, too) and needs to hold this zone if it is to keep a bullish outlook. A decline below will bring the November low into focus and the possibility of a lower-low. If it does breakdown it may still hold and be in the process of carving out a bull-flag since summer. More on that later if relevant. For now, eyes are on the immediate support zone. FOMC & ECB key event-risk today and tomorrow.

EUR/USD: Daily

EUR/USD daily price chart

USD/JPY is at a trend-line dating back to August 2015 and at risk of turning down from here. If it breaks on through it will have a lot of resistance in the 11400s to contend with before it can gain momentum.

See the IG Client Sentiment page for retail positioning and what it could mean about future price fluctuations.

USD/JPY: Daily

USD/JPY daily price chart

AUD/USD is getting jammed up between the September downtrend line and the trend-line rising up from January 2016. Waiting on a resolution here. USD/CAD remains rangebound for now, with good support around 12665 and resistance just over 12900.

Euro-crosses remain weak. EUR/AUD has a ‘head-and-shoulders’ pattern on the 4-hr chart we looked at. Needs to have a solid 4-hr closing bar below the ‘neckline’ before becoming official. We also looked at EUR/NZD, EUR/GBP, and EUR/JPY; nothing real appealing there just yet.

EUR/AUD: 4-hr

EUR/AUD 4hr price chart

GBP/USD is trading in a big area of support around 13300, needs to hold for the pullback to not progress into a more aggressive decline. GBP/AUD, GBP/NZD, and GBP/CAD are all pulling back to trend and/or horizontal support levels. We also looked at GBP/JPY, but conviction is lacking at the moment. GBP/AUD is particularly interesting because it is at a confluence of support through the lower channel line off the October low, and peaks from May and November. The area around 17615/580 will need to hold if the outlook is to remain positive.

GBP/AUD: Daily

GBP/AUD daily price chart

Gold and silver are both poorly postured after big sell-offs. They may receive a lift from here and alleviate short-term oversold conditions, but a bounce is all they look like they will be able to muster at this juncture. Looking to 1220/05 and 15.19/15 as targets for gold and silver, respectively.

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.

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