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Charts for Next week – EUR/USD, AUD/USD, EUR/NZD, Gold Price & More

Charts for Next week – EUR/USD, AUD/USD, EUR/NZD, Gold Price & More

Paul Robinson, Strategist

The powerful Dollar reversal yesterday sent currencies soaring against it. EUR/USD is coming off big support, but has obstacles standing immediately in its way. AUD/USD broke a steadfast trend-line, putting it into corrective mode for now. A couple of cross-rates have moved to interesting levels, EUR/NZD is on the radar. Gold surged from support, but is now up again resistance.

Technical Highlights:

  • EUR/USD off big support, but has immediate resistance
  • AUD/USD broke a steadfast trend-line, in correction mode
  • EUR/NZD at confluence of support, watching for reversal
  • Gold price from support back to strong resistance

See where our team of analysts think your favorite markets and currencies are headed to finish out the year in the DailyFX Q4 Forecasts

EUR/USD off big support, but has immediate resistance

The Euro sprung to life yesterday off big support around the 11300-level, but with the 140 pip or so rally we are already faced with resistance via lows from a couple of times this month along with the trend-line off the September peak and the underside of the December 2016 trend-line. Today when the October U.S. jobs report comes out we may learn more about yesterday’s move. If a solidly bullish USD report comes out and the Euro sells off only to respond back higher, then there may a break of resistance and move to the next level or resistance at 11500.

EUR/USD Daily Chart (Resistance to contend with)

eur/usd daily chart, resistance to contend with

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

AUD/USD broke a steadfast trend-line, in correction mode

Aussie posted an impressive day yesterday, breaking the trend-line that has been in place since January. With the firm break higher prices look likely. A pullback or consolidation period here even if for only a day or two could do some good towards allowing traders to get onboard for another thrust higher. Initially targeting the 7300-area

AUD/USD Daily Chart (Broke trend-line)

audusd daily chart, broken trend-line

EUR/NZD at confluence of support, watching for reversal

EUR/NZD is of interest given the spot where the recent slide has put it. There is a trend-line from February 2017 and several inflection points over the past year in the vicinity of today’s trading range. Additionally, the 200-day passes through the trend-line, further strengthening this area as important. If today’s modest reversal (rejection) can maintain or improve by the end of the session, then we could see a nice recovery next week.

EUR/NZD Daily Chart (confluent support, but needs to reverse)

eurnzd daily chart, confluent support but reversal needs to hold

Gold price from support back to strong resistance

The pullback in gold went into the support zone of 1214/1210 before reversing strongly higher yesterday. But we are already faced with resistance in the 1235/42 zone, making it a tricky spot. It looks like we could see some more follow-through, but tactically speaking this is a tough one for new longs at resistance. Shorts aren’t all that appealing given the velocity at which resistance was met. More info will be needed before drawing firmer conclusions.

Gold Daily Chart (from support to resistance)

gold daily chart, from support to resistance

See what key fundamental and technical factors are expected to drive Gold prices 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.

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