Charts for Next Week – EUR/USD, Yen, Gold/Silver & More
What's on this page
The US dollar looks like it generally wants to trade higher, but it’s still a currency-picker’s market. For example, the euro looks like a sell, but the yen a buy. Precious metals have been bottled up, but that may change soon.
- EUR/USD broad outlook in flux, looking headed lower near-term
- Yen strength seen across the board
- Gold & silver looking to soon make a move
For longer-term technical and fundamental analysis, and to view DailyFX analysts’ Top Trading Opportunities for this year, check out the DailyFX Trading Guides page.
EUR/USD broad outlook in flux, looking headed lower near-term
The broader outlook for the euro is still unclear as it chops around below the 2008 trend-line, it could be topping or building a bull-flag. In the near-term, though, even if the move is an eventual breakout above the long-term trend-line, risk looks skewed to the downside towards the April trend-line and 2017 high just under 12100.
EUR/USD Daily Chart
Yen strength seen across the board
The Japanese yen continues to strengthen across the board, with USD/JPY on the verge of yet another lower-low beneath 10525. The next big level of price support doesn’t arrive until the U.S. election-day low from November 2016 at 10119.
See how current positioning in various pairs could signal their next moves on the IG Client Sentiment page.
USD/JPY Daily Chart
CHF/JPY is another that has turned down from resistance with little in the way of support until a gap-fill from April at 10944, then the low from that same month at 10768. It’s quite a bit lower, but if JPY picks up steam it could get there in fairly short order.
CHF/JPY Daily Chart
AUD/JPY, a pair we discussed on Wednesday, is making good on rejection from resistance in the mid-8400s, now on approach to the recent low around 8150. It will be interesting to see how CAD/JPY treats the support zone it just entered from 8115 down to 8057, but, again, if JPY garners further momentum it might not be much more than a temporary stopping point. We also discussed GBP/JPY and EUR/JPY...
Gold & silver looking to soon make a move
Precious metals continue to be a difficult market as price action winds up, but gold and silver look like they will soon make a break for it. Gold continues to remain heavy below the 2013 trend-line, with risk seen in breaking 1300 towards the 200-day at 1289 and the trend-line from December 2016.
Silver is working on a symmetrical triangle, and given its inability to trade above the 16.80/17 threshold it is likely to breakdown soon. Levels to watch are 16.17, followed by the July trend-line around 16, then 15.62 on aggressive selling.
Gold Daily Chart
Helpful Tools for FX & CFD Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.
---Written by Paul Robinson, Market Analyst
To receive Paul’s analysis directly via email – SIGN UP HERE
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.