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The Euro broke out of a brutal trading range this week and has it poised to push on higher in the week ahead. After the Yen flash-crash, a couple of the cross-rates are trading into noteworthy resistance levels that may lead to weakness. Gold is consolidating nicely above a key slope, has significant resistance ahead on further strength.

Technical Highlights:

  • EUR/USD in breakout territory, to continue trading higher
  • AUD/JPY and EUR/JPY in focus at resistance
  • Gold consolidating above support, looking towards resistance
  • Crude oil to turn down from resistance soon

See where our team of analysts see your favorite markets and currencies headed in the months ahead on in the Q1 Trading Forecasts.

EUR/USD in breakout territory, to continue trading higher

The Euro finally broke out this week and on that it is poised to continue trading higher in the days ahead. The 200-day at 11632 is first up, followed by no major price resistance until around 11800. If EUR/USD falls below 11450, then look for more choppy trading at the least.

EUR/USD Daily Chart (Higher prices above range)

EUR/USD daily chart, higher prices above range

Check out the recently released Q1 Euro Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

AUD/JPY and EUR/JPY in focus at resistance

Following the Yen flash-crash we are seeing a strong rebound in cross-rates. AUD/JPY having had one of the more dramatic declines and reverses is on its way towards resistance around the 7900-mark. A touch off around that area may offer traders an opportunity to initiate short positions with a solid backstop. If equity markets roll over as anticipated, then AUD/JPY is likely to suffer a set-back too.

AUD/JPY Daily Chart (Watch for a turn from resistance)

AUD/JPY daily chart, watch for a turn from resistance

EUR/JPY is already trading at resistance around lows from May and August. It is struggling there now and could soon reverse lower if it can’t get into gear from here.

EUR/JPY Daily Chart (At resistance)

EUR/JPY daily chart, at resistance

Check out the recently released Q1 JPY Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

Gold consolidating above support, looking towards resistance

Gold is sitting strong above the top of a channel it was once stuck within. Consolidation should lead to another leg higher. More strength will have the 1305/10-area in focus, resistance created back from February to June; this will certainly be an area of interest should gold rise to that point.

Check out the recently released Q1 Gold Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

Gold Daily Chart (1305/10 resistance zone looks to be next)

gold daily chart, 1305/10 resistance zone looks to be next

Crude oil to turn down from resistance soon

Crude oil’s rally is at risk of turning lower from resistance in the vicinity of 53-54.50. This idea is in-line with the notion that we will also see a break lower in equity markets from their own set of resistance levels. Support for oil comes in right around 50 down to the low 49s.

Check out the recently released Q1 Crude Oil Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

Crude oil Daily Chart (Watch price action at resistance)

crude oil daily chart, watch price action at resistance

Resources for Forex & CFD 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