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Charts for Next Week – EUR/USD, USD/JPY, Crude Oil, Gold Price & More

Charts for Next Week – EUR/USD, USD/JPY, Crude Oil, Gold Price & More

2018-10-05 11:30:00
Paul Robinson, Strategist
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The euro broke big support on Wednesday just above 11500, bounced yesterday but is so far staying just below. We’ll have to see where we are by day’s end, but a close below for the week could spell trouble for next week. USD/JPY reversed hard from the resistance zone we looked at on Tuesday and is at risk of further losses. Crude oil extended up into long-term resistance and a volatile turnaround this week could be enough to turn the outlook bearish. Gold remains a difficult handle and should be avoided in favor of other opportunities until the picture clears up.

Technical Highlights:

  • EUR/USD weekly close below support signals more losses
  • USD/JPY reversed hard from resistance zone
  • Crude oil turn from long-term resistance has downside in focus
  • Gold remains a market for traders to watch not get too involved in

See where our team of analysts think the markets and currencies you trade are headed during the next three months in the DailyFX Q4 Forecasts

EUR/USD weekly close below support signals more losses

On Wednesday, the euro broke through important support just above the 11500-threshold in place since May. This has pressure on downside to continue if no immediate recapture can take place. Old support becomes new resistance. Looking lower, the trend-line from December 2016 may help stem the current slide, but generally speaking things aren’t looking too good for the single-currency.

EUR/USD Daily Chart (Support broken)

eur/usd daily chart, support broken

See what important fundamental and technical factors are expected to drive EUR/USD in the Q4 Euro Forecast

USD/JPY reversed hard from resistance zone

The other day we were discussing USD/JPY as it quickly came upon a resistance zone in the 11420/74 vicinity. Yesterday’s nearly full reversal of Wednesday’s gains has momentum quickly shifting lower after tagging an important area of resistance. This has focus turned towards lower prices in the days ahead. We also looked at charts of EUR/JPY, GBP/JPY, AUD/JPY, and NZD/JPY.

USD/JPY Daily Chart (Resistance puts lid on advance)

usd/jpy daily chart, resistance puts lid  on advance

EUR/JPY 4-hr Chart (At support, make or break?)

eur/jpy 4-hr chart, at support, make or break?

See what important fundamental and technical factors are expected to drive USD/JPY in the Q4 JPY Forecast

Crude oil turn from long-term resistance has downside in focus

In Tuesday’s webinar, we emphasized backdrop for oil as overly bullish heading into a major area of resistance. But how would oil act upon trading into long-term levels? Indeed, we saw a sharp turnabout yesterday as one might expect given an overly bullish market at long-term resistance via lows from 2011 and the 2008 trend-line. Stay below the weekly high of 76.88 and the outlook is favorable for lower prices, potentially much lower.

Crude Oil Weekly Chart (Big Resistance)

crude oil weekly chart, big resistance

See what important fundamental and technical factors are expected to drive crude in the Q4 Crude Oil Forecast

Gold remains a market for traders to watch not get too involved in

We make mention of gold not because there is anything to really look at there, but because there really isn’t anything to look at there. Yet despite the lackluster price action while other markets move, traders continue to anticipate gold’s next move. After last month’s incredibly tight range it seems likely we will see a move soon, especially with other markets jostling around, but until further clarity it’s a market we prefer to avoid.

Gold Daily Chart (Choppy)

gold daily chart, choppy

See what important fundamental and technical factors are expected to drive crude in the Q4 Gold Forecast

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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.

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