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
Bullish
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
GBP/USD
Mixed
USD/JPY
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
Gold
Mixed
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • Heads Up:🇬🇧 GBP Unit Labor Costs (YoY) (2Q) due at 09:30 GMT (15min), Actual: N/A Expected: N/A Previous: 2.1% https://www.dailyfx.com/economic-calendar#2019-11-20
  • RT @mynamejd: SP500 earnings revisions up & down per sector - Source Refinitiv https://t.co/bvmlQCltkN
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.87%, while traders in US 500 are at opposite extremes with 79.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/06877Dk0Iz
  • Heads Up:🇪🇺 EUR ECB Publishes Financial Stability Review due at 09:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-20
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: 0.37% Silver: 0.22% Oil - US Crude: -0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Nl2cW4qqNE
  • US Dollar Selloff May Accelerate After #FOMC Minutes Released - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2019/11/20/US-Dollar-Selloff-May-Accelerate-After-FOMC-Minutes-Released.html
  • Copper Price Trend May Reverse on FOMC Minutes - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/11/20/Copper-Price-Trend-May-Reverse-on-FOMC-Minutes.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #copper #fomc
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.13% 🇨🇭CHF: -0.00% 🇪🇺EUR: -0.13% 🇨🇦CAD: -0.21% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6ztmAWF3DV
  • $EURGBP broke through a congestive range it has been stuck in since around mid-October. What are the implications for the pair’s downside breakout and where is it heading? Get your market update from @ZabelinDimitri here:https://t.co/hHaGgulbQD https://t.co/CPQtpgNWUh
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.26% US 500: -0.27% France 40: -0.37% Germany 30: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/w3yUQukPaf
Charts for Next Week – EUR/USD, GBP/USD, Gold Price & More

Charts for Next Week – EUR/USD, GBP/USD, Gold Price & More

2018-09-28 11:00:00
Paul Robinson, Currency Strategist
Share:

Last week the euro reversed the prior week’s strength, looking headed for lower prices in the days ahead. GBP/USD is set up to make good on a key-reversal week and trade lower as well. Gold had been stuck into a historically small trading range until Thursday when it finally started to move into open space, looking for more weakness, but higher lower always a possibility.

Technical Highlights:

  • EUR/USD failed breakout has short-term focus on 11500
  • GBP/USD weekly reversals to put pressure on next week
  • Gold price range breakdown has focus lower at the moment

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

EUR/USD failed breakout has short-term focus on 11500

Since breaking out a week ago Thursday, EUR/USD has since stalled and failed back well beneath the breakout zone in the low 11700s. This has it also below the trend-line off the August low. Price is back amid the chop dating back to May, but the euro looks poised to continue lower for a test of the area just above 11500.

EUR/USD Daily Chart (Support near 11500 next)

EUR/USD daily chart, support near 11500 next

For a longer-term perspective, check out the Quarterly Euro Report

GBP/USD weekly reversals to put pressure on next week

GBP/USD posted a key-reversal bar last week, which as we discussed in yesterday’s webinar regarding key-reversals, primed it for strength to fail this week. Barring a major move higher during the remainder of the session, a second reversal bar in a row will be posted. This should have pressure on next week towards the trend-line off the August low around 12960.

GBP/USD Weekly Chart (Reversals)

GBPUSD weekly chart with reversals

GBP/USD 4-hr Chart (T-line eyed as next target)

GBP/USD 4-hr chart, t-line eyed as next target

For a longer-term perspective, check out the Quarterly Pound Report

Gold price range breakdown has focus lower at the moment

As we discussed earlier this morning, gold finally broke down out of the range it had been stuck in. Next week we will look for more follow-through as long as the 1187/90 area isn’t recaptured. Next up as support levels are 1174 (spike-day close) and 1160 (spike-day low). A break below the lows would have gold likely reeling towards the December 2016 lows near 1120. It’s possible a higher low is posted ahead of the August lows, but we’ll let price action dictate that and run with what is in front of us now – a range-break.

Gold Daily Chart (Range resolving lower)

Gold daily chart with rangebreak

For a longer-term perspective, check out the Quarterly Gold Report

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.