The Euro looks like it is headed lower after breaking a near-term trend-line and price support at 11072. It will likely be a bumpy road lower, but with time the October low, then gap-fill from the April 2017 French election and 200-day MA combo are reasonable targets in the week ahead. Selling rallies is the preferred approach.
EUR/USD DAILY CHART (LOOKS HEADED LOWER)
(Click on image to enlarge)
AUD/USD hit its head on resistance via a trend-lime from last year. The turn down has the channel off the low in focus, a break of the lower parallel could have the pair trading at the bottoms from August-October in the 6700/6670 region.
AUD/USD DAILY CHART (COULD SOON PICK UP DOWNSIDE MOMENTUM)
(Click on image to enlarge)
GBP/JPY is maintaining the rally last month by building a symmetrical triangle. This leaves it poised to continue higher towards the 14400 level, but the pattern will need to break first and at least put price above 14075. There is still risk of a roll-over which leads to a pullback to the 200-day or worse.
GBP/JPY DAILY CHART (SYMMETRICAL TRIANGLE)
(Click on image to enlarge)
NZD/JPY is up against a pretty serious level of resistance around the 6950-area. It’s a fairly exact level as even though it spans a decade, the highs and lows associated with the level are fairly precise even on the daily time-frame. This level is also in confluence with the trend-line off the March peak. A break below recent support at 6896, out of the recent trading range, should have NZD/JPY rolling downhill towards the trend-line off the August low.
Disclaimer: DailyFX, the free news and research website of leading forex and CFD broker FXCM, delivers up-to-date analysis of the fundamental and technical influences driving the currency and commodity markets. With nine internationally-based analysts publishing over 30 articles and producing 5 video news updates daily, DailyFX offers in-depth coverage of price action, predictions of likely market moves, and exhaustive interpretations of salient economic and political developments. DailyFX is also home to one of the most powerful economic calendars available on the web, complete with advanced sorting capabilities, detailed descriptions of upcoming events on the economic docket, and projections of how economic report data will impact the markets. Combined with the free charts and live rate updates featured on DailyFX, the DailyFX economic calendar is an invaluable resource for traders who heavily rely on the news for their trading strategies. Additionally, DailyFX serves as a portal to one the most vibrant online discussion forums in the forex trading community. Avoiding market noise and the irrelevant personal commentary that plague many forex blogs and forums, the DailyFX Forum has established a reputation as being a place where real traders go to talk about serious trading.
Any opinions, news, research, analyses, prices, or other information contained on dailyfx.com are provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.