Weekly Technical Analysis: News & Trends (April 14, 2025)
The gold rush began after a failed breakdown below the 2960 support level, which triggered a strong reversal in favor of the bulls. Momentum accelerated as the price established a higher high. However, the rally has been steep and uninterrupted, suggesting a likely pullback to take a breather. The metal is now approaching a significant resistance zone around 3280. Additionally, the RSI is overbought and showing a bearish divergence, which reinforces the risk of a short-term correction. That said, the overall bullish structure remains intact, and while a near-term pullback toward 3150 is likely, gold may resume its upward trajectory and continue posting fresh highs once momentum resets.
EUR/USD has extended its bullish run, breaking decisively above the 1.1200 resistance level. The price currently trades well above the 20-SMA, confirming strong bullish control. The RSI has entered overbought territory, signaling robust momentum but also raising the possibility of a near-term pause. The 20-SMA acts as dynamic support enabling the pair to form a clear sequence of higher highs and higher lows – a hallmark of a mature bullish trend. With momentum intact, EUR/USD could be on course to test 1.1600. However, given the steep rally away from the SMA, a pullback to retest 1.1160 is likely before further upside. This retracement would offer bulls a chance to regroup before potentially driving the price to new highs.
GBP/USD has surged, breaking above 1.2940 and reflecting a sharp reversal. Initially, the pair experienced a significant fall, but it quickly reversed and broke above the support-turned-resistance and the 1.3000 psychological level. The price has now crossed well above the 30-SMA, signaling strong bullish control. The RSI remains in the overbought region, indicating solid bullish momentum but also the potential for a near-term pullback to retest the 30-SMA. A break above 1.3200 would solidify the bullish outlook and set the stage for a higher high towards the next resistance at 1.3330.
USD/CAD has broken out of its prolonged consolidation phase, where it was range-bound between 1.4030 and 1.4500. The prior bullish trend stalled, giving way to a sideways market as momentum faded. Eventually, a strong bearish breakout occurred below the lower boundary, with a brief retest of the SMA. Bears are now targeting 1.3700, a key level where a temporary pause is possible as the SMA begins to catch up and the RSI is deep in oversold territory. If sellers manage a decisive break below 1.3700, it would open the door toward the 1.3400 key support. The downtrend is expected to persist as long as the price remains below the SMA and 1.4090.
