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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Gold
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
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • The $NZD may be carving out a near-term bottom against its US counterpart but scope for gains seems limited within a broader downtrend. Get your technical analysis from @IlyaSpivak here: https://t.co/7bsVuSyWMn https://t.co/DsmNYKk8v3
  • Can you trade with the joy of missing out (#JOMO)? Find out how you can turn your #FOMOintrading to JOMO here: https://t.co/G5H26NXZQe https://t.co/pVdKUPzvmk
  • RT @PaulBrandITV: It’s likely that this will end up in court on Monday. The case in the Scottish courts may well consider that this doesn’t…
  • RT @PaulBrandITV: BREAKING: Tonight the PM has sent this letter to EU requesting an extension to Brexit. Wording is copied and pasted from…
  • RT @FactSet: $SPX is reporting a (Y/Y) decline in earnings of -4.7% for Q3 2019, which would mark the 3rd straight quarter of (Y/Y) earning…
  • RT @MehreenKhn: 🔔🔔 Here is the letter Boris Johnson has sent to Brussels tonight saying an extension would "damage" interests of the EU and…
  • What is #forex time frames and how can it be applied to multi-time frame analysis. Find out here: https://t.co/uEmAGW4ckP https://t.co/f4RrjSQK8y
  • Thread on #Brexit latest ⬇️ https://t.co/Sbgh6614Mc
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/JGqUNMUUcI
  • RT @paulwaugh: NEW: letter from @BorisJohnson to Tory Mps and peers tonight. https://t.co/CoEx3Oq0Al
EURUSD, AUDUSD, GBPJPY, Gold Price & More – Charts for Next Week

EURUSD, AUDUSD, GBPJPY, Gold Price & More – Charts for Next Week

2019-07-26 11:30:00
Paul Robinson, Currency Strategist
Share:

The Euro struck a familiar set of lows on Thursday’s ECB meeting, posting a candlestick that suggests another worthy inflection point is in play. AUDUSD is breaking down from a wedge within the context of a downtrend, suggests lower prices ahead. A few of the pairs in the ‘Yen-plex’ look attractive, but GBPJPY (&AUDJPY) stand out given technical posturing. Gold is thoroughly testing a recent wedge breakout; a hold keeps the upside intact while a failure could lead to a quick drop back towards major support levels.

Technical Highlights:

  • EURUSD long-legged Doji formed at support
  • AUDUSD corrective wedge breaking, looking lower
  • GBPJPY & AUDJPY have attractive bearish set-ups
  • Gold price action around wedge to determine near-term

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

EURUSD long-legged Doji formed at support

The Euro reacted with some modest volatility to yesterday’s ECB meeting, which resulted in a daily Long-legged Doji candlestick. The push/pull came at support from April and May just above the 11100-threshold, which could result in a bounce if the 11130 low can hold. Given the general tone this may only turn out to be a countertrend bounce for now.

EURUSD Daily Chart (Long-legged Doji at support)

EURUSD, AUDUSD, GBPJPY, Gold Price & More – Charts for Next Week

AUDUSD corrective wedge breaking, looking lower

AUDUSD is in the process of breaking a rising wedge formation within the context of a downtrend. This should get Aussie rolling back towards the June lows or worse. Waiting for a bounce/consolidation following the break may offer the best risk/reward set-up at this juncture. Keep an eye on support at 6910.

AUDUSD Daily Chart (corrective wedge breaking)

EURUSD, AUDUSD, GBPJPY, Gold Price & More – Charts for Next Week

GBPJPY & AUDJPY have attractive bearish set-ups

GBPJPY is in the process of building yet another bear-flag, best seen on the 4-hr time-frame. So far, the top of the pattern is at a pair of recent lows. The pattern still needs to fully mature and trigger by breaking the underside trend-line, but has good potential given the overall downtrend.

GBPJPY 4-hr Chart (Another bear-flag forming)

EURUSD, AUDUSD, GBPJPY, Gold Price & More – Charts for Next Week

AUDJPY wedged up nicely heading into this week. The break the other day has focus shifted lower. A drop through 7513 should put pressure on the pair towards the June lows surrounding 7400.

AUDJPY 4-hr Chart (wedge broke)

EURUSD, AUDUSD, GBPJPY, Gold Price & More – Charts for Next Week

Gold price action around wedge to determine near-term

Gold price is at a make-or-break point in the near-term, with the recent wedge breakout under threat of reversing. A hold and gold will stay constructive, while a break of the bottom-side trend-line of the wedge could spur a quick shot lower as longs are caught on the wrong-side.

Gold Price 4-hr Chart (wedge hold or fold?)

EURUSD, AUDUSD, GBPJPY, Gold Price & More – Charts for Next Week

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.