Technical Set ups in EUR/USD, GBP/USD, and Gold (XAU/USD)

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NFP Reactions: EUR/USD, GBP/USD, NZD/USD
NFP Reactions: EUR/USD, GBP/USD, NZD/USD

The market is having a quiet start to the week, with most USD-majors trading within consolidation. The fundamental docket picks up tomorrow. Let’s take a look at the technical set ups in EUR/USD, GBP/USD and gold (XAU/USD)  before tomorrow’s US inflation data.

The EUR/USD is consolidating above the 2014-low, and setting up a range between 1.3490-1.3550. The inflation data tomorrow can help push the pair out of this range for some short-term direction. The break below is likely to be more significant as it should send the pair to test the 2014-low at 1.3476. GBP/USD has been consolidating throughout July after an exhaustion swing to a fresh 2014-high at 1.7190. We are seeing a price top forming, but the 1.70 support area will be key. Gold is consolidating in a triangle, but should breakout soon. There is some bearish bias and another bearish correction swing can open up the 1280.50, 61.8% retracement level.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.