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Trading Outlook for EUR/USD, EUR/AUD, EUR/JPY, Gold Price & More

Trading Outlook for EUR/USD, EUR/AUD, EUR/JPY, Gold Price & More

Paul Robinson, Strategist

The euro is quietly holding on above the 11500 level and has a bullish short-term sequence developing which should see it higher soon. EUR/AUD is consolidating with eyes for the 2015 high at 16600. EUR/JPY is working its way lower with a solid trend in place on the 4-hr time-frame. Gold launched higher on Thursday and is finding some further follow-through, with a little more strength the 1236/40 area should be tested, maybe even a trend-line up towards 1260.

Technical Highlights:

  • EUR/USD is looking higher in the short-term
  • EUR/AUD is posting a consolidation pattern
  • EUR/JPY working its way lower on 4-hr chart
  • Gold price has more room to the top-side

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

EUR/USD is looking higher in the short-term

The euro continues to hold above the low-11500s support area, and as long as it stays above the outlook will remain neutral at worst to bullish towards the low-11700s. A break back below 11500 will cast a big shadow on a bullish outlook.

EUR/USD Daily Chart (staying above big support)

eur/usd daily chart, staying above big support

EUR/AUD is posting a consolidation pattern

On the daily time-frame, EUR/AUD looks like it is working on another consolidation pattern. It’s beginning to take on the shape of an ascending wedge, with trend support below from the end of the last correction. A strong kick through 16358 will have the 2015 spike-high at 16585 in focus with potential for a breakout to levels not seen since the end of 2009.

EUR/AUD Daily Chart (consolidating)

eur/aud daily chart, consolidating

EUR/JPY working its way lower on 4-hr chart

EUR/JPY is working its way lower on the 4-hr time-frame with a trend-line keeping it steadily pointed lower. A descending wedge could come into play. A break lower will have the area around 12800 in focus.

EUR/JPY 4-hr Chart (down-trend, possible descending wedge)

eur/jpy 4-hr chart, trend, possible descending wedge

See what key fundamental and technical factors are expected to drive EUR/USD through year-end in the Q4 Euro Forecast

Gold price has more room to the top-side

Gold kicked it into high gear on Thursday, rallying $30 and breaking the brutal trading range it had been stuck in. Strength is seen as extending a bit higher in the near-term before problems could arise in the 1236/40 region. But it wouldn’t be unreasonable to see gold, even if only undergoing a recovery bounce, trade up and test the bottom of the December 2015 trend-line near 1260/65.

Gold Daily Chart (1236/40, Dec ’16 t-line)

gold dailyh chart, 1236/40, Dec '16 t-line

See what key fundamental and technical factors are expected to drive Gold through year-end in the Q4 Gold Forecast

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.