Trading Outlook for Yen, NZD-crosses, Crude Oil & More

2018-02-14 23:00    Paul

USD/JPY is in danger of breaking important support along with Yen-crosses at interesting cross-roads themselves. Aussie and Euro vs. Kiwi both hold intriguing set-ups, especially the former. US oil showing no life at important slope.

Technical Highlights:
  • USD/JPY breaching significant trend-line, Yen-crosses examined
  • AUD/NZD path of least resistance lower, EUR/NZD coiling up
  • Crude Oil weak on important slope dating back to July

For longer-term technical and fundamental analysis, and to view DailyFX analysts' top trading ideas for 2018, check out the DailyFX Trading Guides page.

USD/JPY breaching significant trend-line, Yen-crosses examined

On a daily basis, USD/JPY is trading below a trend-line rising up from September 2012, however; a break on the weekly time-frame will bring more conviction given how long-term the threshold is. A solid break could get it rolling downhill towards 100.

EUR/JPY continues on the path of least resistance towards the low-end of a range formed late last year, with the 13150/100-area targeted in the near-term. CHF/JPY is sitting very near a trend-line from September 2016 along with the 200-day, an important spot to watch here just south of 11500.

A break of 8400 in AUD/JPY could spur another round of selling, but as is always the case, it's support until broken. GBP/JPY has a really big spot down in the 14800/700 zone, with big horizontal support, trend-line from October 2016, and the 200-day all arriving in that area.

USD/JPY Daily ChartTrading Outlook for Yen, NZD-crosses, Crude Oil & More Expert Analysis 1

EUR/JPY Daily ChartTrading Outlook for Yen, NZD-crosses, Crude Oil & More Expert Analysis 2

GBP/JPY Daily ChartTrading Outlook for Yen, NZD-crosses, Crude Oil & More Expert Analysis 3

AUD/NZD path of least resistance lower, EUR/NZD coiling up

AUD/NZD recently broke the neckline of a head-and-shoulders pattern on the daily chart, and is now putting in a descending wedge on the 4-hr time-frame. For more details check out the trade set-up discussed earlier this morning.

EUR/NZD continues to coil up into a wedge, with a break lower in-line with the decline off the November high seen as the most likely scenario. This is a set-up we continue to monitor and will continue to take a look at in future webinars.

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AUD/NZD 4-hr ChartTrading Outlook for Yen, NZD-crosses, Crude Oil & More Expert Analysis 4

Crude oil weak on important slope dating back to July

Today, we did an update on the technical backdrop in crude oil we discussed in yesterday's session. It continues to act poorly at the slope from July, a line of support it held on several occasions during the fall but is now providing little lift. Risk is growing quickly that it will give way; 56/55 targeted if it breaks.

Crude Oil Daily ChartTrading Outlook for Yen, NZD-crosses, Crude Oil & More Expert Analysis 5

We also looked at USD/CAD, GBP/USD, EUR/USD and a few other cross-rates. For full technical considerations, please see the video.

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---Written by Paul Robinson, Market Analyst

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