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Chart Outlook– USD Index, GBP/USD, USD/JPY, Gold Price & More

Chart Outlook– USD Index, GBP/USD, USD/JPY, Gold Price & More

Paul Robinson, Strategist

The US Dollar Index (DXY) is treading water around the November peak, a breakout may be on the way, or have to wait first. GBP/USD still has room to go on the downside before finding support. USD/JPY is wedging up, with a little more time ready to make a move. Gold continues to move lower in-line with expectations, more weakness looks to be in store.

Technical Highlights:

  • USD index (DXY) at risk or pullback around November high
  • GBP/USD has room to decline until support is met
  • USD/JPY is coiling up between important thresholds
  • Gold price expected to continue to weaken

For longer-term trade ideas, forecasts, and a library of educational guides, see the DailyFX Trading Guides page.

USD index (DXY) at risk or pullback around November high

The US Dollar Index (DXY) is currently trading a shade higher than the November high, but appears at risk of a pullback in the near-term with the index’s largest constituent, the euro, trading around a significant support level.

A pullback would be a welcomed event, though, as trend support could help post a higher-low in the index and alleviate any short-term overbought conditions which exist. The current stance isn’t bullish for new longs, but isn’t bearish either. Wait-and-see mode.

US Dollar Index Daily Chart (trying to clear November high)

US Dollar Index (DXY) trying to clear higher, pullback could be in order

GBP/USD has room to decline until support is met

GBP/USD is still in a full-on bearish trend and with a lower-low having taken shape yesterday, support around the 13050/25-area is viewed as next up. There isn’t anything visible preventing it from reaching this zone, but even as such new positions may be at risk of a short-term bounce. Existing shorts still look relatively safe to sit with if entered at good levels. Keep in mind we have event risk tomorrow via the BoE; to follow the announcement live, you can join Martin Essex at 10:45 GMTG time.

See the IG Client Sentiment page for how sentiment changes can help you better gauge market direction.

GBP/USD Daily Chart (Room to go before hitting support)

GBP/USD daily chart with room to go before support is met

USD/JPY is coiling up between important thresholds

USD/JPY is ‘neither here nor there’ at the moment, but with a little more time price could coil up between a pair of important technical thresholds. On the top-side there is trend-line and price resistance in confluence, and on the underside there is a trend-line running higher off the March low. Further congestion could create an explosive breakout opportunity – we’ll discuss in further detail in future webinars.

USD/JPY Daily Chart (Wedging up)

USD/JPY daily chart, coiling up between levels/lines

Gold price expected to continue to weaken

Gold finally broke down from a triangle containing price between a pair of important boundaries – the bottom of a multi-month range and the December 2016 trend-line. Looking for weakness to sustain towards the December 2015 trend-line and December low. There is a lower parallel which may help put a temporary bid in, but given the trend direction it’s not anticipated to be a major source of support.

Gold Daily Chart (More weakness expected)

Gold daily chart, more weakness expected

Resources for Forex & CFD Traders

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.