Technical Technical Technical

Technical Update - Dollar pairs close to breaking key levels. EURUSD, GBPUSD, AUDUSD and NZDUSD

Forex 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURUSD seems stuck in a tighter and tighter range with key support at 1.0640. Break out should be imminent which is likely to be to the downside. EURUSD has been rejected at the short-term falling trendline, RSI is showing negative sentiment and 55 SMA, which seems to be a medium-term resistance, is declining. In fact, all Moving Averages are declining.

eurusd 8 jun
Source: Saxo Group

GBPUSD resistance at around 1.2655 seems to be too strong to penetrate. Despite divergence on RSI is still showing negative sentiment i.e. RSI inconclusive. GBPUSD needs to break its range bound behaviour i.e. either a break above 1.2655 or a below 1.2435
If break out occurs to the upside falling trend line will offer some resistance. A break of the trend line could lead to a move towards 1.30.
Below support at 1.2435 May lows around 1.2150 are likely to be tested

GBPUSD 8 jun
Source: Saxo Group

AUDUSD got rejected at key resistance level at around 0.7267 where a cluster of slightly declining Moving Averages are adds to the resistance.
If AUDUSD breaks below 0.7140 the steep rising trend line is broken and short-term corrective uptrend likely to be reversed. A swift move to support at around 0.7055 should be expected.
For AUDUSD to continue its uptrend a break above 0.7285 is needed.

AUDUSD D 8 jun
Source: Saxo Group

NZDUSD rejected at key resistance at around 0.6570 and seems to have resumed down trend. RSI showing negative sentiment indicating May lows likely to be tested. Some support at 0.6354.
To reverse this bearish scenario at break above 0.6580 is needed.

nzdusd 8 jun
Source: Saxo Group

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