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Technical Perspective for USD, GBP/USD, Cross-rates, Gold & More

Technical Perspective for USD, GBP/USD, Cross-rates, Gold & More

Paul Robinson, Strategist

The US Dollar Index (DXY) outlook is unchanged from when we looked at it on Wednesday, targeting higher levels in the days ahead. GBP/USD has shown very little buying interest, eyes towards next support levels. Gold range-break bolsters bearish case towards 1240.

Technical Highlights:

  • US Dollar Index (DXY) remains bullish
  • GBP/USD price action quite week, ~13300 looks next
  • Gold range-break has momentum tilted down

For in-depth fundamental and technical analysis for your favorite market or currency, check out the DailyFX Q2 Forecasts.

US Dollar Index (DXY) remains bullish

The outlook for the US Dollar Index (DXY) remains the same as it did when we discussed it on Wednesday, higher prices are in store. There is a little room left to the next area of resistance around 94, where several inflection points from August to December developed.

How it reacts there will be our cue as to whether it can take out resistance or if we should take a cautionary stance on dollar longs. The trend-line rising up over the course of this drive higher is viewed as a potential spot for short-term long positions as long a sit holds.

DXY Daily Chart (~94 up next)

US Dollar Index (DXY) daily chart, 94 next

For the intermediate-term fundamental/technical outlook, check out the Q2 Forecast for USD

GBP/USD price action quite week, ~13300 looks next

GBP/USD is effectively sitting ‘dead in the water’ as attempts to rally over the past couple of weeks are quickly swatted down. This has lower prices looking likely in the days ahead, with the area surrounding 13300 as the next targeted objective for shorts. A move below this steady area of support will have the 13000-line in focus.

We also looked at GBP/AUD and its bearish stance, along with a few other GBP-pairs (GBP/CAD, GBP/NZD & GBP/JPY) which aren’t positioned quite as weak, but certainly vulnerable as we head into next week.

GBP/USD Daily Chart (Very Weak Price Action)

GBP/USD daily chart, very weak price action

For the intermediate-term fundamental/technical outlook, check out the Q2 Forecast for the British Pound

Gold range-break has momentum tilted down

Gold got blitzed the other day, sending it through the bottom of the range in place since day one of the year. It is currently assaulting the December 2016 trend-line, but with the range-break of more importance, the trend-line looks likely to be unsubstantial in keeping gold from declining further.

On further weakness, the targeted objective is down around the December low situated just under 1240. Weakening gold prices is consistent with a strengthening dollar thesis. Keep in mind the correlation between the two if holding positions in both markets as holding opposing positions is effectively doubling up on the same trade.

Gold Daily Chart (Range broken, testing trend-line)

Gold daily chart, range broken, testing trend-line

For the intermediate-term fundamental/technical outlook, check out the Q2 Forecast for Gold

We also looked at USD/JPY, AUD/USD, NZD/USD, USD/CHF, USD/CAD, EUR/JPY, NZD/JPY, S&P 500, DAX, FTSE, and US crude oil.

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Whether you are a new or an experienced trader, DailyFX has 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

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.