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Technical Analysis for USD Index, EUR/USD, Gold Price & More

Technical Analysis for USD Index, EUR/USD, Gold Price & More

Paul Robinson, Strategist

The US Dollar Index (DXY) appears poised to pull back a bit from here, but the move may only prove temporary as the Euro, the index’s primary constituent, looks poised to eventually break lower. For now, we’ll watch how price action plays out should the aforementioned unfold but it may be a blueprint which gains traction in the days ahead. Gold is finding sponsorship off a crossroads of support, but we’ll see how much traction it can gain; support is support until broken.

Technical Highlights:

  • US Dollar Index (DXY) pullback may be short-lived
  • EUR/USD bounce off support not expected to last
  • Gold has strong cross-road of support for now

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

US Dollar Index (DXY) pullback may be short-lived

The US Dollar Index hasn’t shown a whole lot of momentum in recent sessions and suggests a pullback may be in store, however; it may prove to be only just that before resuming higher. We’ll have to take it one step at a time here and see how any weakness should unfold, with a close eye on its largest component – Euro.

US Dollar Index (DXY) Daily Chart (May pull back but be short-lived)

US Dollar Index (DXY) daily chart, may pull back but be short-lived

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

EUR/USD bounce off support not expected to last

Coming into the week, the game-plan was to see how EUR/USD would react to the underside trend-line of the channel/bear-flag building since November. The line of support offers would-be longs a spot to lean against for a bounce, warrants caution for short-term shorts.

However, given the overall trend since last year, it is anticipated that at some point (perhaps real soon) we will see a resumption of broader bearish momentum. A break of the lower trend-line would certainly be reason to look for sellers to join in earnest. In sum, tentatively look for a bounce, then lower prices.

EUR/USD Daily Chart (Watch lower parallel)

EUR/USD daily chart, watch lower parallel

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

Gold has strong cross-road of support for now

Gold is doing its best to hold onto a fairly significant threshold. The crossroads constructed with the August slope, Jan 4 low, and trend-line from November is a solid one. Respecting support until broken, but should it break at some point soon it would likely lead to strong selling given the number of inflection points. Longs and shorts can use accordingly.

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

Gold Daily Chart (Solid support at its feet)

Gold daily chart, solid support at its feet

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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