USD, GOLD, CRUDE OIL and US DOLLAR INDEX

FOREX OUTLOOK for EUR/USD, AUD/USD, GOLD, CRUDE OIL and US DOLLAR INDEX.

Gold

Gold retreated below short-term support at $1120 after breaking the rising trendline on the price chart and on Momentum Oscillator (5-day). Expect a test of primary support at $1080. Reversal above $1140 is unlikely, but would signal an advance to $1220.

Crude Oil

Crude retreated below the rising (green) trendline, signaling trend weakness. Also, the long-term Momentum Oscillator (13-week) displays a large bearish divergence, warning of a reversal. Failure of primary support at $72 would confirm.

Euro – EUR/USD

The primary cause of dollar strength is the euro, which broke through support at $1.42 — signaling the start of a primary down-trend. The Momentum strengthens the reversal signal. The initial target for the decline is $1.38.

Current Day Trading Session:

Momentum is continuing downward at the present time.

Next Day Trading Session:

If the next day’s close is above 1.4449 then that could be a sign that the current downward momentum is reversing.

Australian Dollar – AUD/USD.

The Aussie dollar is also weakening against the greenback after respecting resistance at $0.93. It is too early to tell whether this will resolve into a test of primary support at $0.875 or a re-test of resistance at $0.93. Upward breakout now appears unlikely, but would signal an advance to $0.98.

Current Day Trading Session:

Momentum is continuing downward at the present time.

Next Day Trading Session:

If the next day’s close is above 0.9340 then that could be a sign that the current downward momentum is reversing.

US Dollar Index

The US Dollar Index is testing resistance at 78.5. Breakout would signal reversal to a primary up-trend — and advance to 80. Momentum Oscillator (5-day) also favors an up-trend. Reversal below support at 76.6 is unlikely, but would warn of test of primary support at 74.

4xGenie Support Team