Chart Analysis: EUR/USD, USD/JPY, GOLD

Market activity for this week can be defined in forex and Gold using the chart analysis below.  Here, we take a look at the EUR/USD, USD/JOY, and the German DAX.  Support and resistance levels are offered for new trading positions this week.  There are some critical developments that could be seen in the following sessions.  Important points to note include the fact that the S&P 500 is poised to break to new highs above the 2,000 mark.

 

EUR/USD Daily Chart:

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(Chart Sources:  CornerTrader)

Having stayed above key support of 1.3500 level EUR/USD managed to break it on Tuesday (22nd) last week. After a prolonged range of 6 weeks the pair resumed its’ downward trend that started at the beginning of this year.  Price is currently below 200 SMA on all hourly time frames and also on daily chart.  However, it a few pips above 200 SMA on weekly chart, which indicates strong technical support in the area of 1.3420-00. If support holds long term trend remains up. Intermediate term trend is down. Price is moving making lower lows and lower highs in a downward sloping channel on hourly time frames.

USD/JPY Daily Chart:

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The USD/JPY has been range bound since January and the range has been narrowing steadily. Last week range was only 75 pips (101.19-101.93). One can also spot bearish triangle in the making. 100.80 support level has to be broken convincingly in order for the pattern to be validated. Price is approaching 102.25 resistance, which is a trendline for the upper side of the triangle. As price was mostly rising last week there could be some profit taking around even number of 102.00. That is also where 200 SMA on daily chart is. Support starts at previous resistance of 101.59, which is the high of 22nd of July.

Gold: 8-Hour Chart:

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Gold ended last week basically where it started it at 1307.20 (a few bucks below the opening). Price is ranging as no new highs or lows are made. Key support remains at 1284.80, which is the high of 16th of June (previous resistance) and key resistance at 1345, the high of the 10th of July. There is no clear direction as price is above 200 SMA on 8 hour chart, but below it on 4 and 1 hour charts as well as on the daily. Buy near support and sell near resistance seems to be the best trading strategy for the time being.

 

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