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EUR/USD, GBP/USD, Gold Technical Outlook & More

EUR/USD, GBP/USD, Gold Technical Outlook & More

Paul Robinson, Strategist

EUR/USD is trying to lift off support via a trend-line off the October low and low created last week. The pattern has been for swings to be faded, the recent down-move counts as a swing, so it would be in-line with the Euro’s character these days to rally a bit. The 11200 area could present problematic as it is near a trend-line that recently turned the Euro lower.

EUR/USD Daily Chart (trying to lift off support)

EUR/USD daily chart, trying to lift off support

EUR/USD Chart by TradingView

GBP/USD is once again trying to gain its footing off a familiar angle of support, via the line running up from November. We were just there a week-ago. As long as this line holds then so does a neutral to bullish outlook. Price action is wedging pretty quickly towards a make-or-break point. A breakout to the upside would be in-line with the intermediate trend. A break below the aforementioned line could be an explosive one given its budding importance. It’s a wait-and-see game at the moment, but that looks set to change very soon.

GBP/USD Daily Chart (strong support, price wedging up)

GBP/USD daily chart, strong support, price wedging up

GBP/USD Chart by TradingView

Gold reversing like it did a couple of weeks back suggested it was exhausted and due for a digestion phase tilting price neutral to down. Today’s small shot higher and reversal appear to be a failed rally attempt that will lead to a leg lower. It might not be an aggressive sell-off, but one that could lead to $30 or more of room for traders to operate with. Keep an eye on 1536, then the trend-line off the May pivot.

Gold Daily Chart (looking for weakness from here)

Gold daily chart, lookin for weakness from here

Gold Chart by TradingView

For all the charts we looked at, check out the video above…

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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.