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Trading Outlook for USD/CAD, Euro, Cross-rates, Gold & More

Trading Outlook for USD/CAD, Euro, Cross-rates, Gold & More

2018-01-24 12:06:00
Paul Robinson, Currency Strategist

We took a look at EUR/USD and USD/CAD both breaking triangles, along with AUD/USD and NZD/USD rallying into key resistance zones. USD/JPY looks headed lower. A couple of cross-rates at key spots. Gold trying to break higher.

Technical Highlights:

  • EUR/USD broke out of a triangle, USD/CAD too this morning
  • AUD/USD and NZD/USD rallying into big resistance zones
  • USD/JPY broke trend support, looks headed to 10900/800 region
  • A couple of cross-rates in focus, along with gold trying to break higher

For longer-term technical and fundamental analysis, and to view DailyFX analysts’ top trading ideas for 2018, check out the DailyFX Trading Guides page.

EUR/USD and USD/CAD both broke triangles

EUR/USD continues to surge, doing so this time around out of a near-term symmetrical triangle. The broader outlook remains a positive, but it might be extended here at the moment for short-term traders. The end objective, though, remains the 2008 trend-line near 12600.

USD/CAD broke down today from a triangle it has been building on the 4-hr time-frame. The next level of support we’re looking for is a trend-line dating back to 2012, the level is around 12260.

Chart 1 – USD/CAD: 4-hr

usd/cad 4hr chart

USD/JPY broke the September 2016 trend-line and doesn’t have meaningful support until just under 10900 down to around 10800, where a trend-line from 2012 runs up. GBP/USD is trading at resistance formed prior to ‘Brexit’, and given its recent run it might be ready to take a break.

AUD/USD & NZD/USD resistance zones in focus

AUD/USD continues to rally sharply, and is now in the thick of a major long-term resistance zone from current levels up to around 8160. Watching price action closely for signs it could reverse. NZD/USD is also in an important price zone where a reversal could develop. On this end, no action until sellers show willingness to step in.

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Chart 2 – AUD/USD: Daily

aud/usd daily price chart

AUD/NZD & EUR/GBP building patterns, at support now

AUD/NZD is a pair we’ve been focused on lately given the large bearish price sequence. A close below 10824 should get it moving downhill with momentum. For more details on the set-up, check out this commentary on AUD/NZD from yesterday.

EUR/GBP is building a descending wedge at this time, but is pressing down on big support at the moment. It will be important for it to break before becoming too bearish on the cross. It could find support and bounce again before eventually breaking down in line with the move off last year’s high.

Chart 3 – EUR/GBP: Daily

eur/gbp daily price chart

Gold is currently above the 2013 trend-line, and if it can close above today then the path to a breakout above 1357 will open up. A break above both would be rather significant. Silver is in a right with resistance, and needs to clear above 17.46 to pick up steam.

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---Written by Paul Robinson, Market Analyst

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