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Charts for Next Week: EURUSD, USDJPY, AUDNZD, Gold Price & More

Charts for Next Week: EURUSD, USDJPY, AUDNZD, Gold Price & More

Paul Robinson, Strategist

The Euro is poised for selling in the days ahead as not only did it post a key-reversal yesterday but also tripped the trigger on a shorter-term price pattern. USDJPY is finding some serious life and with it the possibility of it running towards long-term trend-lines has grown significantly. AUDNZD is finding little life below resistance, positioned for more selling soon. Gold is breaking down and on the verge of snapping its bullish trend structure in place over the past few months.

Technical Highlights:

  • EURUSD reversal, pattern put it at risk of selling off
  • USDJPY has room to run towards long-term trend-lines
  • AUDNZD positioned for continuation lower
  • Gold making a lower-low soon would undermine trend

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

EURUSD reversal, pattern put it at risk of selling off

The Euro not only posted a key-reversal on the daily chart, but also broke a rising wedge it had been building in recent sessions (most visible on the 4-hr time-frame). With this should come selling in the days ahead; the first target the Feb 15 low at 11234, followed by a big level back in November at 11216.

EURUSD Daily Chart (reversal sets it up for weakness)

EURUSD daily chart, reversal sets it up for weakness

EURUSD 4-hr Chart (rising wedge snapped)

EURUSD 4-hr chart, rising wedge snapped

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

USDJPY has room to run towards long-term trend-lines

USDJPY is ripping above resistance at the time of this writing, and as long as the rally holds then so does the prospect of testing trend-lines dating back to 2015 and 2016. If this is to be the case, then there should be another 150 points or so before difficulty may arise.

USDJPY Daily Chart (Long-term trend-lines could be next)

USDJPY daily chart, long-term trend-lines could be next

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

AUDNZD positioned for continuation lower

AUDNZD remains weak below resistance. This is a set-up that has been in play for a few days now, and in Aussie-Kiwi fashion remains a bit of a bumpy and slow ride. That should change soon as buyers give up and sellers gain more control. In the near-term a down-move is expected and eventually a move to the low from Jan 2 and worse looks to be in the cards.

AUDNZD Daily Chart (continuation lower looking likely)

AUDNZD daily chart, continuation lower looking likely

Gold making a lower-low soon would undermine trend

As discussed just a bit ago this morning, the outlook for gold is quickly turning in favor of sellers. A lower-low here soon would have another support level in focus which may provide a bounce, but any strength after undermining the bullish trend will most likely be viewed as an opportunity to sell.

Gold Daily Chart (Watch for lower-low)

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

Gold daily chart, watch for lower-low

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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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