Technical Analysis 6/17 – EUR/USD, GBP/USD … – ForexMinute.com

Technical Analysis 6/17 – EUR/USD, GBP/USD … – ForexMinute.com

In today’s Forex Video Briefing, I will be looking at the technical developments in EUR/USD, GBP/USD, NZD/USD and Gold (XAU/USD).

EUR/USD started this week holding the 1.3513 level as support and pushing above the 1.3575 resistance. This initiated a bullish signal off a price bottom, but it is still too early to tell. The hold above 1.3550 is a good sign, but if price does push higher, let’s say to 1.36, and doesn’t blast through, look for resistance and the RSI to hold below 60. In that scenario, another bearish attempt is in the books, and the 1.3476 low on the year up to the 1.35 handle will remain the focus in the short-term.  Note that price is currently being suppressed by the 50-4H SMA (which is the 200hour SMA), and a falling trendline. A push below 1.3550 would signal bearish continuation.

GBP/USD is simple. It is bullish, but consolidating just under the 1.70 handle, which was cracked on Monday. Price action bounced off 1.6940 and looks poised to retest the 1.7010 high. A break above 1.7010 continues the bullish outlook to the 2009 high at 1.7040. However a break below 1.6935 could open up a bearish correction scenario toward teh 1.6820-40 area.

NZD/USD is consolidating after a bullish month so far. It is ranging between 0.8645 and 0.87. A break above 0.87 exposes the 0.8779 high on the year. A break below 0.8640 first exposes the June trendline. A break below the trendline would open up the 0.8554 pivot. It would also suggest that NZD/USD is neutral and not reviving the bullish mode it had in Q1 2014.

Gold (XAU/USD) could be turning bearish again. It started the week coming off the high around 1285. Today, it broke below the rising June trendline. This shows respect to the previous triangle consolidation area. A break above 1300 would have revived the bullish outlook. However price is now focused back toward the 1240 low. At the moment, price is reacting to 1260, which is a support/resistance pivot area. If there is a rally, look for traders to fade back toward the 1240 lows.

To contact the reporter of this story, email Fan Yang at [email protected]
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About: Forexminute – Fan Yang

Fan Yang has been a professional forex trader and analyst since 2007.
He specializes in technical analysis and has a Chartered Market Technician designation since 2011.
He was the chief technical …

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Technical Analysis 6/17 – EUR/USD, GBP/USD … – ForexMinute.com

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