Dollar trades flat due to early US bank holiday

EUR/USD Consolidating Into A Triangle

The euro currency maintains its sideways range. However, over the past few sessions, the recent highs and lows show a triangle pattern that is emerging.

This could signal a possible breakout in the near term. The bias remains mixed for the moment as the euro could move in either direction.

To the upside, we expect to see the 1.1347 level being challenged once again.

A successful breakout above this level will send the euro to test the 1.1400 handle.

To the downside, the 1.1132 level of support remains the near term target.

 

GBP/USD Attempts To Pullback Higher

The British pound sterling did not see much movement. Price action is trading somewhat flat for the past two consecutive sessions.

Following the decline of the 1.2516 level, GBPUSD is forming a higher low. Therefore, a retest back to this technical resistance might be possible.

This could also mean that the cable might breakout above this level. Failure to do so could result in prices posting a bigger pullback.

The breakout from the trend line remains the downside target for now.

Below this level, the previous support area at 1.2344 will be the next price target for the cable.

 

Crude Oil Barely Moves Off The 40 Handle

Oil prices continue to remain in limbo. Price action is trading quite flat with oil stuck around the 40.00 handle for the past few days.

The squeeze between the horizontal resistance level and the trend line suggests that a major breakout might be in the making.

The bias is mixed and a breakout in either direction is equally likely.

However, the ascending triangle pattern gives the upside a little bit of an edge. This would give an upside target to around 43.50.

In the event of a breakdown lower, multiple support levels will keep the commodity from rapidly falling.

 

Gold Closes The Week With A Doji

The precious metal closed last week on a flat note near 1774.66.

The appearance of the Doji pattern near the nine-year highs suggests a possible pullback.

However, there is scope for price action to continue to churn higher. The 1800 price target remains within reach. Watch how price action unfolds over the week.

A bearish close below the doji’s low of 1757.40 could signal a correction could be underway.

This will build up the downside bias toward the 1732.65 level price target.