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The Euro is dwindling towards levels and lines it has previously found buyers at, and given the low-vol environment we’re in the risk is for another reversal to develop soon. Aussie is weak on a couple of fronts – versus USD and NZD. Gold is working its way lower after failing to bounce following the sell-off on 3/28; this could soon bring into play the targeted August trend-line.

Technical Highlights:

  • EURUSD dwindling towards support levels
  • AUD looking heavy versus USD and NZD
  • Gold failing support test could lead to t-line

Fresh Q2 Forecasts are out for major markets and currencies. Check them out on the DailyFX Trading Guides page.

EURUSD dwindling towards support levels

The Euro is slowly selling off, and with weakness support is starting to come into view via the low from last month at 11176 and then beneath there lies a pair of trend-lines from 2015 and 2017, along with a minor swing level from 2017. In this low-vol environment support it is seen as more likely to hold than fail, which means traders should be on the watch-out for signs of a reversal in-line with price behavior over the past few months.

EURUSD Daily Chart (Trading towards support)

EURUSD daily chart, trading towards support

Find out where our analysts see the Euro going in the coming weeks based on both fundamental and technical factors – Q2 Euro Forecast

AUD looking heavy versus USD and NZD

AUDUSD continues to abide by resistance via the January 2018 trend-line and as long as it does that then it will be trading neutral at best and likely lower. The lower highs of recent suggest a move lower will soon develop; a break below 7065 is needed to open up a clearer path to 7000 or worse.

AUDUSD Daily Chart (t-line keeps it pointed lower)

AUDUSD daily chart, t-line keeps it pointed lower

AUDNZD is currently failing around resistance, a development we will need to monitor at day’s end. A reversal candle around a level extending back to December and the trend-line from August 2018 could be indication it wants to trade lower in the days ahead. However, if by the end of the New York session (2100 GMT) AUDNZD rallies and closes above this confluence of resistance, then further upside may be in store.

AUDNZD Daily Chart (Confluent resistance)

AUDNZD daily chart, confluent resistance

Gold failing support test could lead to t-line

Gold was hit hard on Thursday after an extended correction of the down-move off the Feb high. Now that momentum is reasserting itself support is coming under fire. A breakdown may finally have the trend-line from August in play in the low-1260s.

Find out where our analysts see Gold heading in the coming weeks based on both fundamental and technical factors – Q2 Gold Forecast

Gold Daily Chart (eyeing August t-line)

Gold daily chart, eyeing August t-line

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