EURUSD, EURAUD, Crude Oil & More: Charts for Next Week
The Euro bounced off lows as it has been doing without picking up momentum, which may present another opportunity soon for sellers. EURAUD is dropping down towards an interesting inflection point that could offer up a trade soon. Crude oil continues to have a bearish tone to it, furthered along yesterday by a reversal at resistance. There are other developments to monitor, gold for example, but could use some time before drawing any further conclusions.
- EURUSD rising off support, may give shorts another look soon
- EURAUD is dropping towards a point of confluence
- Crude oil is positioned for another round of selling
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EURUSD rising off support, may give shorts another look soon
This week the Euro went right back to its old ticks; trade to a new low and quickly bounce. The low-vol environment hasn’t yet switched gears and on that neither should traders. Yesterday’s rally stalled quickly around some lows from last month approaching the 11100-mark. Ideally, next week we see another push up into trend resistance from June before rolling back over. This will help run the course of the bounce as well as provide some room back the lows for shorts.
EURUSD Daily Chart (bounce could soon fail)
EURAUD is dropping towards a point of confluence
EURAUD isn’t there yet, but it is quickly approaching an inflection point that could be worthy of attention. The trend-line from December has some solid lows connecting, and the t-line is also in conjunction with the 200-day MA.
EURAUD Daily Chart (Dec t-line, 200-day coming up)
Crude oil is positioned for another round of selling
Crude oil has been consistently on the watch-list for sales, as the tone/trend continues to generally be negative even if it’s particularly strong. The run-into resistance reversal candles in both the WTI and Brent contract suggest today’s weakness may continue to build momentum. For WTI watch the 53-area as support and for Brent the mid-57s. A break of those levels will have the recent range snapped and should lead to another leg lower to trend-lines from 2016.
WTI Crude Oil Daily Chart (resistance + reversal candle)
Brent Crude Oil Daily Chart (resistance + reversal candle)
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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.