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Charts for Next Week: EUR/USD, USD/JPY, USD/CNH, and Gold Price

Charts for Next Week: EUR/USD, USD/JPY, USD/CNH, and Gold Price

Paul Robinson, Strategist

We continue to focus on a few of the same pairs/markets as last week; a couple with their themes changing and a couple with their themes gaining traction. This week, the euro showed some pep in its step as it quickly put the wedge/11500 breakdown to the test; is this a sign of a broader reversal? USD/JPY hasn’t been an easy handle, but with it breaking out of a descending wedge, a path higher may smooth things out. USD/CNH continues to be high on the radar as signs of a broader reversal gain traction. Same goes for gold.

Technical Highlights:

  • EUR/USD, big bounce or reversal?
  • USD/JPY may gain clarity, finally
  • USD/CNH high on radar for a move lower
  • Gold reversal anticipated to continue for now

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

EUR/USD, big bounce or reversal?

The turnaround in the euro in recent sessions has quickly put the downtrend in question as the 11500-mark and wedge prior to the breakdown are overtaken. The trend-line from April is currently helping to keep a lid on a further advance, but a break could go a long way towards bolstering the reversal scenario.

EUR/USD Daily Chart (bounce or reversal?)

EUR/USD daily chart, bounce or reversal

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

USD/JPY may gain clarity, finally

USD/JPY has been a mystery as of late, but that could finally change. The descending wedge we discussed on Wednesday was broken yesterday, and with it the possibility of seeing higher prices increases. A smallish pullback from around current levels may at some point offer a good entry with a higher low from the earlier week low developing.

USD/JPY Daily Chart (Descending wedge/pullback scenario)

USD/JPY daily chart, descending wedge/pullback scenario

Check out the Q3 Japanese Yen Forecast for a broader fundamental and technical view.

This set-up along with gold sits at the top of the board. The strong weekly reversal last week coupled with the developing head-and-shoulders pattern on the 4-hr time-frame are beginning to make for a solid set-up. The key to this trade gaining momentum is seeing price decline below the neckline. For more details on this set-up, check out the USD/CNH piece from yesterday.

USD/CNH 4-hr Chart (H&S to play out next week?)

USD/CNH 4-hr chart, head-and-shoulders scenario

Gold reversal anticipated to continue for now

Gold is continuing to try and make a recovery at the least, if not more. Yesterday’s pullback may be all we see before continuing higher, but even if we see a little more weakness first, a higher low is seen as having decent probability of setting up the metal for a move to 1210 or better.

Check out the Q3 Gold Forecastfor a broader fundamental and technical view

Gold Daily Chart (Reversal to continue…)

Gold daily chart, reversal to continue...

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---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.

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