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  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:
  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here:
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
Charts for Next Week – EUR/USD, USD/CAD, Crude Oil & More

Charts for Next Week – EUR/USD, USD/CAD, Crude Oil & More

Paul Robinson, Strategist

The theme for today’s webinar was – Triangles, triangles, triangles. The Euro is finally breaking down out of one it’s been stuck in for a little while now. USD/CAD is looking to rally out of one it just built in recent days. Crude oil is digesting losses and its taking on the shape of a triangle. We can throw in the larger one developing in USD/JPY, and for grins could also look at the one in copper discussed on Tuesday…not just looking for these patterns, they are just appearing, probably missing one or two – EUR/JPY, throw that in the mix as well.

Technical Highlights:

  • Lots of triangles out there of varying sizes and directional biases
  • EUR/USD breaking down, USD/CAD looking up
  • Crude oil yet to decide; trend says down, oversold says maybe up
  • A few more triangles; USD/JPY, EUR/JPY and Copper

For a summary of what other traders are doing in key markets, check out the IG Client Sentiment page.

EUR/USD breaking down, USD/CAD looking up

Finally, the Euro is breaking out of its triangle. It took a little time to fully form, but this morning we are seeing it break on the 4-hr and looking for validation by end-of-day on the daily time-frame. Below 11267 will have sub-11200 in focus as the November 2017 underside trend-line may come into play as support.

EUR/USD Daily Chart (Triangle breaking)

EUR/USD daily chart, triangle breaking

USD/CAD has been trending higher since October and while its been choppy it has nevertheless maintained a solid bullish bias for most of the ride higher. There is a symmetrical triangle on the 4-hr time-frame which is very nearly ready to break. It may not provide a ton of pips before reversing lower again off the upper parallel of the channel since October, but could be good for a quick 70-80 points.

USD/CAD 4-hr Chart (Triangle looking up)

USD/CAD 4-hr chart, triangle looking up

Let us help you. DailyFX has guides ranging from forecasts to trade ideas to education all in one location – DailyFX Trading Guides.

Crude oil yet to decide; trend says down, oversold says maybe up

Crude oil has chopped around in-line with expectations as it digests the monster drop off the 2008 trend-line. This has price action coiling up into a triangle. It needs a little more time to become a mature pattern but could lead to another tradable directional move soon.

Typically, I shy away from symmetrical triangles which break out against the primary trend, but given how oversold oil became it could lead to a sizable corrective rally. So, in this this case a top-side breakout is considered ‘safer’ than usual, safer than say the one in the Euro which if it broke higher would run the risk of failing quickly as it’s not oversold and has lots of resistance.

Oil is oversold and resistance isn’t for a good distance higher. A downside break for the same reason could result in a truncated move as oversold conditions are still present with only a minimal amount of time passing since it bottomed. Keeping things simple: Follow the break and monitor momentum.

Crude Oil Daily Chart (Up or down? Wait for the break)

Crude oil daily chart, up or down? Wait for the break...

A few more triangles; USD/JPY, EUR/JPY and Copper

USD/JPY Daily Chart (Moving towards the apex)

USD/JPY daily chart, moving towards the apex

EUR/JPY Daily Chart (Triangle on trend-line)

EUR/JPY daily chart, triangle on trend-line

Copper Daily Chart (Winding up for a breakout)

copper daily chart, winding up 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.