0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Technical Outlook for USD, AUDUSD, AUDNZD, Gold Price & More

Technical Outlook for USD, AUDUSD, AUDNZD, Gold Price & More

2019-03-19 11:30:00
Paul Robinson, Strategist
Share:

The USD index (DXY) is backing down into support, which means the Euro may soon decline from its related trend resistance. AUDUSD is currently sporting a bearish price pattern, but it does have an alternate path that could be bullish. AUDNZD is turning lower from trend resistance, in-line with the general path of least resistance. Gold is sporting a bearish sequence in the near and longer-term term.

Technical Highlights:

  • USD Index backing into trend support, on reversal watch
  • AUDUSD and AUDNZD in the spotlight with near-term bearishness
  • Gold is looking at near and longer-term bearish possibilities

Looking for forecasts and educational content? The DailyFX Trading Guides page offers a plethora of resources for traders of all experience levels.

USD Index backing into trend support, on reversal watch

Since hitting its head on peaks from Nov-Dec the US Dollar Index (DXY) has been steadily selling off. This could soon change with short and longer-term trend-lines rising up in the current vicinity. Even if bullish price action doesn’t develop immediately, there is perhaps an even stronger area of support down near 95.80 – the underside of a possible ascending wedge and the 200-day meet up to make for solid confluence. The key is to watch price action, where, if at all, do we see bullish price action? A bullish response would mean the opposite for the Euro, which was discussed yesterday…

US Dollar Index (DXY) (Corrective after breakout)

US Dollar Index (DXY) corrective after breakout

AUDUSD and AUDNZD in the spotlight with near-term bearishness

AUDUSD is carving out a channel (bear-flag) as it trades up against resistance. Respect of resistance and a break of the underside parallel should have AUD rolling back downhill. The price action over the past couple of months could tighten up, offering a possibly bullish alternate should a descending wedge trigger to the upside through the upper trend-line of pattern. For now, though, leaning bearish.

AUDUSD 4-hr Chart (Channel, resistance)

AUDUSD 4-hr chart, channel, resistance

AUDNZD turning lower off trend-line and price resistance, in-line with a pervasive downtrend. Look for further weakness to continue as long as it stays below trend resistance, with an eventual target of the spike-low near 10200 and worse…

AUDNZD 4-hr Chart (t-line/price resistance)

AUDNZD 4-hr chart, t-line/price resistance

Gold is looking at near and longer-term bearish possibilities

Gold is taking on a corrective look to it in the near-term as price action is sluggish on the top-side after the late-Feb, early-March plunge. A break below 1293 should have the neckline of a broader head-and-shoulders top in play. As said this morning, it’s not the prettiest pattern, but sometimes those can be the best. For more detail on gold and silver, check out this morning’s commentary…

Gold Daily Chart (bearish near and longer-term)

Gold daily chart, bearish near and longer-term

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.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.