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Charts for Next week – EUR/USD, GBP/USD, USD/JPY, USD/CAD, and More

Charts for Next week – EUR/USD, GBP/USD, USD/JPY, USD/CAD, and More

Paul Robinson, Strategist

The Euro and Cable have been rolling downhill, but both have support not too far below which may stem their slides in the week ahead, even if only temporarily. USD/JPY is teetering on trend-line support and given risk trends it may not hold up much longer. USD/CAD is working on breakout out of a channel (bull-flag-like) pattern and may be ready to run to the summer highs.

Technical Highlights:

  • EUR/USD weak, but has support near 11300
  • GBP/USD has trend-line, price support to watch
  • USD/JPY teetering on trend-line support, may not last
  • USD/CAD working on a breakout towards summer high

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 weak, but has support near 11300

The Euro’s recent run of weakness had it breaking a few levels of support this week, which continues to keep the pressure on. The next level of significant support to keep an eye on is the August low at 11300. Depending on how momentum is into this key level, we may see a temporary bounce. But if momentum accelerates through 11300 then the slide has a bit more room to go before hitting an underside trend-line from November roughly around 11225.

EUR/USD Daily Chart (Watch reaction as support comes into view)

eurusd daily chart, watch reaction as support comes into view

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

GBP/USD has trend-line, price support to watch

Like the Euro, GBP/USD has support a bit further down to watch. There is a volatile day-low from September 5 at 12785 along with the trend-line from the 2017 low. If these fail to blow any life into cable, the August low at 12661 will likely come into play. For now, the benefit of the doubt is with shorts, but risk is growing that a bounce could materialize.

GBP/USD Daily Chart (Trend-line, August low)

gbp/usd daily chart, trend-line, August low

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

USD/JPY teetering on trend-line support, may not last

USD/JPY is teetering on a key trend-line from the March low. It’s a clean line of support with several touches over the months and a few more recently. It is starting to slip below and should we see a close below yesterday’s low at 11182, it will be considered an official break. The low at 11162 at that point looks unlikely to hold, with the 11000-area becoming targeted. With stock selling off so sharply it looks like another leg lower is in store.

USD/JPY Daily Chart (Teetering on trend-line support)

usd/jpy daily chart, teetering

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

USD/CAD working on a breakout towards summer high

USD/CAD is trying to break higher out of a multi-month channel. If today’s rally can hold or further itself then a move may soon develop towards the summer high at 13386 or better. Stops along the way may include 13226 and 13289.

USD/CAD Daily Chart (looking for a breakout)

usd/cad daily chart, looking for a breakout

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.

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