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Trade Set-ups Developing in GBP/USD, AUD/USD & Euro-Crosses (Webinar)

Trade Set-ups Developing in GBP/USD, AUD/USD & Euro-Crosses (Webinar)

2017-12-20 12:48:00
Paul Robinson, Strategist

GBP/USD is holding 13300 in solid fashion and could swing higher soon. AUD/USD is putting in a short-term chart pattern after overcoming resistance. USD/CAD & EUR/JPY are in ranges but offer defined levels to operate off of. A few Euro cross-rate set-ups.

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  • GBP/USD is holding up above key support at 13300, could soon trade higher
  • AUD/USD has a symmetrical triangle forming on support
  • USD/CAD still a range-traders pair, awaiting a breakout for directional cue
  • Several Euro-crosses are showing potential (EUR/JPY, EUR/GBP, EUR/NZD)

GBP/USD is holding onto the 13300-line of support in bullish fashion (taking on the shape of a bull-flag), but still needs to trade a little higher to gain momentum. Overall, the trend for the year has been higher, so a break higher would be consistent with the general path of least resistance.

GBP/USD: Daily

GBP/USD daily price chart

AUD/USD is in the process of building a symmetrical triangle visible on the intra-day time-frames. The fact it is building after recapturing resistance is a good sign the pattern will lead to a continuation of the recent rise.

See the IG Client Sentiment data for retail positioning on Forex pairs and major markets.

AUD/USD: 4-hr

AUD/USD 4-hr price chart

USD/CAD remains range-bound, with it currently trading at the upper-end. Yesterday, a semi-bearish rejection was put into place which may shift it back lower. It remains a range-trading market until it can breakout and resolve into the 12900s or below the area around 12665.

EUR/JPY remains in a three-month-long range, but it will resolve itself one way or another at some point. The trend favors a break to the top-side, which will bring levels into play from 2015. On the downside, levels carved out during the rally earlier this year. EUR/GBP is forming a wedge on the 4-hr chart within the context of a broader range. Overall, a continuation-style trade may soon develop which furthers along the trend off the August high. EUR/NZD is nearing an underside retest of the recently broken channel. A rejection lower from the bottom line is viewed as a reason to look for another leg lower.

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EUR/NZD: Daily

EUR/NZD daily price chart

Other pairs we looked at included – EUR/USD, EUR/CHF, GBP/NZD, as well as a few others. The focus, though, was primarily on the higher conviction set-ups.

Gold and silver are rallying into resistance and remain viewed through a bearish lens; a turn down from resistance will be our cue to look for weakness to set in again. See this morning’s gold & silver commentary for more details.

We looked at the DAX as it is in the process of falling back in the range, but if it can reverse back higher after doing so it will be viewed as having sound bullish implications. The S&P 500 remains very strong, with small dips viewed as opportunities for longs. The market is poised to close near or at record highs when the year concludes.

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.