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

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

Paul Robinson, Strategist

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

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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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