Near-term Setups in Gold, EURUSD, NZDUSD & AUDUSD
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Near-term Setups in Gold, EURUSD, NZDUSD & AUDUSD

DailyFX.com -

Gold 120min

I'm on the lookout for exhaustion / possible short-entries as gold tests the upper parallels here. There's significant event risk on tap this week so expect volatility- I'll be looking for a deeper pullback to offer long-entries with a breach above 1203/04 needed to mark resumption of the broader advance off the monthly lows. 1177 , 1171 both area of interest for exhaustion / possible long entries. As always be mindful of the fact we are heading into the monthly close tomorrow. Latest Gold Update (1/26)

EURUSD: Today's low completed a 100% extension from the decline off the monthly highs. If the correction is done, a breach above 1.0730 should mark resumption of the broader up-trend. That said, the pair is at risk while below this level with key support seen at 1.0609 & 1.0579 - both areas of interest for possible long-entries. Levels / Outlook Unchanged. Latest EURUSD Update (1/26 )

NZDUSD: Kiwi has continued to hold below key confluence resistance at 7300 . Based on what the DXY is doing, I still think we could make one more probe higher but generally looking for exhaustion / short-entries up here. Levels / Outlook Unchanged. Keep in mind we have New Zealand employment on tap for tomorrow night. Latest NZDUSD Update (1/25)

AUDUSD: Similar scenario shaping up in Aussie. Key near-term resistance is marked at the high-day close at 7578 - If the reversal of structural resistance last week is legit any rallies should be capped below this mark. Key near-term support seen around the 75 -handle. Latest AUDUSD Update (1/24)

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---Written by Michael Boutros, Currency Strategist with DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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