Draghi wants to devalue the euro, Minor pullback ahead in Gold - IG

Technicals suggest EUR/USD is headed lower, says Josh Mahony, Market Analyst for IG, as he speaks on expectations from ECB ahead, and offers the outlook for EUR/USD, AUD/USD, GBP/USD, and Gold. Joined by Zak Mir, Technical Analyst at Zak’s Traders Cafe.

Highlights:

Draghi want to devalue the Euro… will drop dovish hint

Australian economy hits 25 years without recession – always going to be reliant on exports and thus on China

EUR/USD : Weekly chart shows an ‘M’ pattern underway, “We could complete the M pattern and go lower”, says Mahony

AUD/USD: trying to breakout of a massive triangle formation. Bullish break could be followed by an extended period of price strength

GBP/USD” potential double bottom in play

Gold: Flag formation. Breakout would mark continuation of the uptrend which resumed from December lows. Expecting a minor pullback.