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Charts for Next Week – USD-pairs, EUR/NZD, AUD/NZD, Gold, and More

Charts for Next Week – USD-pairs, EUR/NZD, AUD/NZD, Gold, and More

Paul Robinson, Strategist

This morning is NFPs, which we examined briefly, but the focus was on charts as we head towards a new week. USD looks like it is trying to rally a bit here against a few currencies. Others could soon drop here. Gold has a potentially bearish set-up, also looked at the sell-off in equities.

Technical Highlights:

  • USD showing some signs of life against a few currencies
  • EUR/NZD appears to be winding up for a big move, AUD/NZD too
  • Gold has a bearish pattern developing around resistance

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

USD showing some signs of life against a few currencies

The dollar is beginning to show signs of life against a few major currencies. One of the pairs we focused on was AUD/USD, as it is in the process of breaking a bullish channel following a rejection from a long-term resistance zone. If today’s break holds, looking for a drop towards 7900/800. NZD/USD also breaking down from resistance, looking for 7200 on follow-through.

Daily Chart – AUD/USD

audusd daily price chart channel break from resistance

Daily Chart – NZD/USD

nzdusd daily price chart at resistance

EUR/USD and GBP/USD have yet turn with the same kind of force as the prior two mentioned, but could soon honor reversals from last week. Outlook still remains a bit murkier for those at this time. We’ll revisit next week. USD/CAD is trying to turn up from a trend-line dating back to 2012, as long 12249 holds it has a chance at rallying from here.

EUR/NZD appears to be winding up for a big move, AUD/NZD too

EUR/NZD is coiling up and looks poise to breakout. Right now, it is looking like a top-side break will take shape, but we need to wait for a daily close outside of the wedge before running with a trading bias. AUD/NZD is pressing down hard on neckline support of a head-and-shoulders pattern, but we’ve been here before and it bounced hard. A daily close below 10824 should set the pattern into motion.

See how retail traders are positioned and what it might mean about future price fluctuations, see the IG Client Sentiment page.

Daily Chart – EUR/NZD

eurnzd daily price chart with wedge pattern

Daily Chart – AUD/NZD

audnzd daily price chart with head-and-shoulders pattern

Gold has a bearish pattern developing around resistance

Gold is trading around a trend-line dating back to 2013, one which it has yet to cross on a weekly or monthly closing basis (only briefly on a daily basis). Around this line is the potential for a head-and-shoulders pattern, most easily visible on the 4-hr time-frame. A neckline break should usher in a sell-off from resistance.

4-hr Chart – Gold

gold 4-hr chart with head-and-shoulders pattern

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---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.