Opportunities at this time are somewhat lacking with volatility low, but there are a couple of developments worth keeping an eye on as a new week comes into focus. EURUSD is bouncing but that is all it appears to be as trend and resistance aren’t in its corner for sustaining a drive higher. The range in AUDJPY offers those fading levels a place to look for trades, and at some point breakout traders may get a good opportunity as well. Watch how gold finishes out today to see if it can confirm or negate yesterday’s sell-off…
Technical Highlights:
- EURUSD rallying into resistance
- AUDJPY range becoming well-defined
- Gold price set-up to turn lower again soon
See where our team of analysts see your favorite markets and currencies headed in the in the DailyFX Trading Forecasts.
EURUSD rallying into resistance
The Euro has been powering higher but that may soon come to an end as both tone and resistance are unfavorable much more on the top-side. There are trend-lines from both January and February standing in the way of the current advance. With the way EURUSD has been trading, rallies are still viewed as opportunities to sell once they stall just as declines are opportunities to look for a bounce to develop.
EURUSD Daily Chart (rallying into resistance)
Check out the Euro Forecast to see our analysts’ intermediate-term fundamental and technical outlook.
AUDJPY range becoming well-defined
AUDJPY has gone nowhere for weeks, but this price action is shaping up to provide a solid range from which range-traders can look to do their thing fading levels from 7740s up to the 7980s. At some point we will get a breakout opportunity, but until then it is all about the range.
AUDJPY Daily Chart (defined range)
Check out the Yen Forecast to see our analysts’ intermediate-term fundamental and technical outlook.
Gold price set-up to turn lower again soon
Gold got hit hard yesterday from just above resistance, and with today’s rally we may get a good look at whether that sell-off wants to continue early next week. If today’s rally fizzles and gold turns back down it will be a good sign a continuation lower will be in the cards very soon. It will require a power-move beyond 1311 to put the ball back in the longs’ court…
Check out the Gold Forecast to see our analysts’ intermediate-term fundamental and technical outlook.
Gold Daily Chart (watch for turn lower today)
Resources for Forex & CFD Traders
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
