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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
EURUSD, USDCAD, Gold Price Chart Analysis & More

EURUSD, USDCAD, Gold Price Chart Analysis & More

Paul Robinson, Strategist

The U.S. Dollar looks like headed for more selling versus its major counterparts, with a couple of the more appealing charts residing in the Euro and Canadian Dollar. The Buck is seen as likely to drop against other major currencies, but the set-ups are a little murkier elsewhere. Gold is rising again today, firmly pressing up into a long-term resistance zone that is seen as a potential near-term threat to the rally.

Technical Highlights:

  • EURUSD short-term bull-flag readying for a breakout
  • USDCAD carving out a potentially bearish price sequence
  • Gold price rallying into major long-term resistance

For forecasts and educational guides, check them out on the DailyFX Trading Guides page.

EURUSD short-term bull-flag readying for a breakout

The Euro has been stalling as of late, treading water. This price action has a bull-flag building on the 4-hr time-frame that should soon lead to higher prices. A rally might not prove very lasting, though, as resistance begins clocking in around 11280 up to 11350, where several angles of resistance reside (see chart below).

EURUSD Daily Chart (rally to resistance?)

EURUSD, USDCAD, Gold Price Chart Analysis & More

EURUSD Chart by Tradingview

EURUSD 4-hr Chart (bull-flag)

EURUSD, USDCAD, Gold Price Chart Analysis & More

EURUSD Chart by Tradingview

USDCAD carving out a potentially bearish price sequence

USDCAD posted a reversal candle on the weekly time-fame prior to this week. This has the current climb higher at risk of only acting as a counter-trend rally before another drop comes. On the 4-hr time-frame the channel structure off the July low is at risk of breaking if a head-and-shoulders pattern should trigger. The right shoulder still needs to develop, but if it is to do-so then it likely to happen in the next day or two.

USDCAD Weekly Chart (reversal candle)

EURUSD, USDCAD, Gold Price Chart Analysis & More

USDCAD Chart by Tradingview

USDCAD 4-hr Chart (chart starting to roll, H&S forming)

EURUSD, USDCAD, Gold Price Chart Analysis & More

USDCAD Chart by Tradingview

Gold price rallying into major long-term resistance

Gold is pushing into a long-term resistance zone created by bottoms formed during the topping process after the 2011 peak. The zone from ~1522/75 could dent the current rally, even though it appears set to extend towards even higher levels. Watch how price action plays out in the near-term; a strong turnabout or reversal on the daily time-frame.

Gold Price Weekly Chart (Big resistance area)

EURUSD, USDCAD, Gold Price Chart Analysis & More

Gold Price Chart by Tradingview

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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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