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Technical Outlook for EURUSD, GBP-pairs, Gold Price & More

Technical Outlook for EURUSD, GBP-pairs, Gold Price & More

Paul Robinson, Strategist

The Euro is grinding its way higher and may continue to do so until it reaches a pair of trend-lines not far ahead. GBP volatility is diminishing and with it some technical formations are coming to light not only versus USD but a couple of other currencies, too. Gold is pressing down on descending wedge support and may soon be ready for a breakdown.

Technical Highlights:

  • EURUSD trading up towards t-line resistance
  • GBP-pairs working towards breakouts
  • Gold price is trading at bottom of wedge formation

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

EURUSD trading up towards t-line resistance

The Euro continues to grind its way higher, but that may soon draw to an end if recent history has anything to say about it. Running lower are a pair of trend-lines that could soon swing EURUSD back lower. Lines from February and September 2018 are both near 11350, keep an eye out for bearish price action for signs another drop will ensue.

EURUSD Daily Chart (t-lines coming down)

EURUSD daily chart, t-lines coming down

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

GBP-pairs working towards breakouts

GBPUSD continues to work its way towards the apex of a descending wedge, and with that a breakout appears to be very near. A break through the top of bottom-side of the formation is needed as confirmation. In either event, a 300-point or larger move could quickly develop.

GBPUSD Daily Chart (wedge near breakout)

GBPUSD daily chart, wedge near breakout

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

GBPAUD is also forming a wedge, of the falling variety. Typically, in an uptrend this is considered bullish, but we can’t rule out a rush of sellers coming in, either. A top-side breakout could lead to the 18800s to begin with, while a shot lower quickly have price hitting 17900 or worse.

GBPAUD Daily Chart (falling wedge)

GBPAUD daily chart, falling wedge

GBPNZD is consolidating at towards the top of a range, which if broken may lead a solid surge higher. Generally, the trend is up along with other GBP-pairs, so this would make for the cleanest scenario, but sustained clearance above 19542 is needed before running with a bullish bias.

GBPNZD Daily Chart (range-break may be near)

GBPNZD daily chart, range-break may be near

Gold price is trading at bottom of wedge formation

Gold is pressing down on the bottom of a developing descending wedge and may soon be due to trade aggressively lower. There is trend support to also clear from August, but overall given the pattern it looks like the trend-line won’t hold. Shorts do need to be carefully here near-term as a bounce around 1280 could develop first before price breaks down.

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 (descending wedge support)

Gold daily chart, descending wedge support

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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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