We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The latest UK General Election opinion polls continue to show the Conservative Party holding a strong lead over Labour and point to Boris Johnson winning a working majority in Parliament. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/qF04EOUWkI https://t.co/LNl4bXbnpp
  • Recent polls have put Conservatives ahead of Labour and given a boost to $GBP. Get your #Brexit update from @ZabelinDimitri here: https://t.co/l2n53C0cYY https://t.co/oTWfXkaDDt
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/xeromAGqqx
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
Charts for Next Week: DXY, EUR/USD, USD/JPY, USD/CNH, Gold Price & More

Charts for Next Week: DXY, EUR/USD, USD/JPY, USD/CNH, Gold Price & More

2018-08-17 10:52:00
Paul Robinson, Currency Strategist
Share:

There aren’t a ton of great charts out there right now after having seen some big moves the week before, but still a few notable situations to keep watch of. In the near-term, the dollar became overbought and some backing-and-filling is in order before trying to push higher. With that, the euro could try and retest broken support at 11500 in the week ahead. USD/CNH is on the verge of posting a key-weekly reversal while gold may have bottomed for now on a flush-and-reverse situation.

Technical Highlights:

  • USD Index (DXY) backing-and-filling in order
  • EUR/USD to back-and-full, potentially test 11500
  • USD/JPY could be on the verge of breaking down
  • USD/CNH weekly reversal (if holds) points to weakness
  • Gold to benefit from weakening dollar after flush-and-reverse

To check out our intermediate-term fundamental and technical outlook on major markets and currencies, see the DailyFX Q3 Forecasts.

USD Index (DXY) backing-and-filling in order

The US Dollar Index (DXY) is beginning to roll over, and after seeing the extended move coming out of the ascending wedge it is due for a breather. How that unfolds will be of significant interest in the days to follow. A benign decline could soon set the dollar up for another run higher in the days ahead. A retest of the top of the wedge or trend-line from April may come into play, but as long as it holds a bullish outlook remains well intact.

US Dollar Index (DXY) Daily Chart

US Dollar Index (DXY) daily chart

EUR/USD to back-and-fill, potentially test 11500

Next week may bring a retest of the widely-watched 11500 level that the euro broke last Friday. It could offer a solid risk/reward spot from which traders can enter short on a pullback. If sellers show up ahead of time, then a consolidation breakdown trade may present itself on a thorough break of 11300.

EUR/USD Daily Chart (back-and-fill)

EUR/USD daily chart, backing-and-filling, possible test of 11500

Check out the Q3 Euro Forecastfor a broader fundamental and technical view.

USD/JPY could be on the verge of breaking down

USD/JPY is close to posting its 3rd weekly reversal in the past five weeks. The inability to hold rallies around resistance suggests we could soon see downside follow-through. A break below the Monday low at 11011 should usher in more selling, with the 108/109 area initially targeted.

USD/JPY Weekly Chart (Unable to hold a rally)

USD/JPY weekly chart, reversals indicate inability to hold rallies

Check out the Q3 Yen Forecastfor a broader fundamental and technical view.

USD/CNH weekly reversal (if it holds) points to weakness

As we discussed earlier in the morning, USD/CNH is in the process of cementing a key-reversal bar around the December 2016 high. If the weekly reversal holds in place without a rally today ruining the formation, then downside follow-through could be in store for next week.

USD/CNH Weekly Chart (Key-reversal near completion)

USD/CNH weekly chart, key-reversal near completion barring big rally for remainder of day

Gold to benefit from weakening dollar after flush-and-reverse

Gold may have very well undergone a capitulation-style bottom this week, with a strong flush-and-reverse in momentum. As long the Thursday low at 1160 holds on a closing basis look for higher prices to unfold as the dollar takes a break from rallying. This trade is tied to CNH (correlation between the two is 97%), so keep an eye on USD/CNH and be mindful of total risk if trading both.

Gold Daily Chart (downdraft & reversal)

Gold daily chart, downdraft and reversal looking to lead to bounce

Check out the Q3 Gold Forecast for a broader fundamental and technical view

Resources for Index & Commodity 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.

DISCLOSURES

News & Analysis at your fingertips.