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Charts for Next Week: USD/CAD, AUD/USD, Gold Price, Dow Jones & More

Charts for Next Week: USD/CAD, AUD/USD, Gold Price, Dow Jones & More

2019-02-01 11:40:00
Paul Robinson, Strategist
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USD/CAD weakness has brought upon support via a couple of varying angles, these may put a floor in it at least temporarily. AUD/USD has run aground into a similar situation as USD/CAD but in reverse. Gold has continued to rally impressively but is due for a pullback to alleviate overbought conditions. The Dow Jones is at an important crossroads around the 25k-mark and could weaken in the days ahead.

Technical Highlights:

  • USD/CAD trading down into long-term support
  • AUD/USD finding it difficult at trend resistance
  • Gold is due for a pullback to alleviate overbought conditions
  • Dow Jones may weaken from crossroads around 25k

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

USD/CAD trading down into long-term support

USD/CAD weakness has held good momentum but that could be on the verge of changing with both the 200-day MA and one-year trend-line in proximity to one another. Either a bounce is already getting underway or we will see another small push lower and test of the one-year trend-line before attempting to mount a recovery. The ~13120/050-area is an important one to keep an eye on.

USD/CAD Daily Chart (t-line, 200-day)

USD/CAD daily chart, t-line, 200-day

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

AUD/USD finding it difficult at trend resistance

AUD/USD is sporting a nearly identical situation as the one seen in USD/CAD, just in reverse. There is a one-year trend-line running lower along with the 200-day just above that. An attempted turn down in-line with the longer-term trend is expected in the near-term. How much lower isn’t yet clear, but risk is on the side of sellers at the moment.

AUD/USD Daily Chart (t-line/200-day)

AUD/USD daily chart, t-line, 200-day

Gold is due for a pullback to alleviate overbought conditions

Gold has rallied impressively, more-so than this market participant figured on. Resistance around 1305/10 looked formidable, but as it turned out it wasn’t. Nevertheless, risk, despite breaking above, is still skewed lower with yesterday posting a smallish reversal day and overbought conditions in need of being alleviated.

Gold Daily Chart (extended, due for pullback)

Gold daily chart, extended, due for a pullback

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

Dow Jones may weaken from crossroads around 25k

The ferocious bounce in the market has the Dow up against an important set of resistance levels. The 200-day and trend-line off the record high stand in its way. It’s worth noting that these also just so happen to align at 25k, a psychological level worthy of noting with actual technical events crossing through.

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

Dow Jones Daily Chart (t-line/200-day)

Dow Jones Daily Chart, t-line, 200-day

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---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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