• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

USD/JPY, Gold, DAX 30 – Charts for Next Week

Forex Tips by Forex Tips
October 16, 2020
in Technical Analysis
0
EUR/USD Vulnerable to Setback Amid Overbought Positioning
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Technical Outlook:

  • USD/JPY to keep filling out wedge formation
  • Gold price arriving at a potential inflection point
  • DAX 30 H&S formation getting closer to possible trigger

USD/JPY looks poised to continue filling out a wedge formation with the help of some more weakness. It came off the top-side of the developing pattern just last week. A drop down to near 10400 would further along its potential for becoming an explosive pattern. The coiling nature of price over time typically leads to a sizable move, something that feels like we haven’t seen in forever out of USD/JPY. A break above 10610 would negate this developing outlook and have the channel line from February in play along with the 200-day at 10735.

USD/JPY Daily Chart (could continue filling out wedge)

USD/JPY daily chart

USD/JPY Chart by TradingView

Gold could be curling up and about to break higher, or meandering before taking another leg lower. There are a couple of signposts we can use to help determine which scenario is most probable to play out. There is a channel building off the September low that if broken to the downside looks likely to lead to selling within the context of a continuing corrective sequence of a bull market. On the flipside, there is a trend-line with multiple inflection points running off a peak created in August. If this is broken along with the 1933 level, we could see the end of the correction turn into another leg higher towards the record high at 2075.

Gold Forecast

Gold Forecast

Recommended by Paul Robinson

Check out the Q4 GOLD Forecast

Gold 4-hr Chart (channel meets trend-line)

Gold 4-hr chart

Gold Chart by TradingView

The DAX 30 is continuing to work on building a head-and-shoulders (H&S) formation. It has yet to confirm as a valid pattern, but if this week’s high holds we may have the right shoulder, which would leave the breaking of the neckline as the final portion of the equation. It is a big “if” still, but a possibility in the coming days/weeks. A breaking of the neckline and 200-day at 12156 is seen as leading to a meaningful decline that will likely be accompanied by a broader global risk-off situation.

Building Confidence in Trading

Building Confidence in Trading

Recommended by Paul Robinson

Start building confidence today.

DAX 30 Daily Chart (H&S still forming…)

DAX 30 daily chart

DAX 30 Chart by TradingView

Resources for Forex Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX





Source link

Share76Tweet47

Related Posts

Our data shows traders are now net-short EUR/GBP for the first time since Jan 12, 2021 when EUR/GBP traded near 0.89.

Our data shows traders are now net-short EUR/GBP for the first time since Jan 12, 2021 when EUR/GBP traded near 0.89.

by Forex Tips
April 12, 2021
0

Number of traders net-short has increased by 38.61% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

April Opening Range Casts Bearish Outlook for DXY

by Forex Tips
April 11, 2021
0

US Dollar Talking PointsThe US Dollar Index (DXY) attempts to retrace the decline from the earlier this week as...

Australian Dollar Technical Forecast: AUD/USD at Crucial Juncture

by Forex Tips
April 11, 2021
0

AUD/USD Technical OutlookAUD/USD trading below neckline of head-and-shoulders patternNot much more time left for price to negate the patternWeakness...

Retail Investors Buying the Dip?

Inverse “Head and Shoulders” Pattern Hints At Upside Potential

by Forex Tips
April 10, 2021
0

Nasdaq 100 index Technical Forecast: BullishThe Nasdaq 100 index resumed its upward trajectory, aiming to challenge its record highsPrices...

USD/JPY at a Big Spot for Directional Themes

USD/JPY at a Big Spot for Directional Themes

by Forex Tips
April 10, 2021
0

USD/JPY Technical Forecast: NeutralUSD/JPY had a very strong Q1 as the reflation theme drove a bullish trend in the...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.