Technical Update - Major FX pairs on the move: EURUSD, Dollar Index, USDJPY, AUDUSD & GBPUSD Technical Update - Major FX pairs on the move: EURUSD, Dollar Index, USDJPY, AUDUSD & GBPUSD Technical Update - Major FX pairs on the move: EURUSD, Dollar Index, USDJPY, AUDUSD & GBPUSD

Technical Update - Major FX pairs on the move: EURUSD, Dollar Index, USDJPY, AUDUSD & GBPUSD

Forex 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  The Major FX pairs are on the move breaking key levels:
EURUSD trending lower towards key support at 1.0481
Dollar Index looking at 105 potentially 109.
USDJPY eyeing 136-137.
AUDUSD confirmed Shoulder- Head-Shoulder pattern with potential to 0.70 level.
GBPUSD below 200 Moving average


Today's Saxo Market Call podcast.
Today's 
Market Quick Take from the Saxo Strategy Team

EURUSD is breaking lower taking out minor support at 1.0655. At the time of writing RSI is below 40 threshold i.e., in a negative sentiment, and Bollinger bands are expanding strongly indicating lower levels. A move down to support at around 1.0481 seems likely
To reverse this picture a move above 1.08 is needed.

Medium-term: The shooting star candle formed a couple of weeks ago (see previous update) seems to have signalled a peak and reversal for EURUSD.
If the pair breaks below 1.0481 the medium-term trend is bearish with lower levels in the cards

eurusd d 17feb
Source all charts and data: Saxo Group
eurusd w 17feb

The Dollar Index is taking off eyeing resistance and 0.618 retracement at around 105. If breaking above a move to the 200 SMA area and 0.786 retracement at around 109.35 is likely

usindex d 17feb

USDJPY is targeting higher levels. 0.382 retracement at around 136.53 seems likely . 200 and 100 SMA’s will provide some resistance. However, there is no strong resistance until around 137.85 so a spike up short-term to around that levels should be expected.
For USDJPY to resume down trend a close below 129.79 is needed. A close below 132.90 would be first signals that that scenario to unfold.

usdjpy d 17feb

AUDUSD has broken below support at around 0.6868 . Could find some support at the 200 SMA around 0.6800 but the pair seems heavy . AUDUSD has formed a Shoulder-Head-Shoulder pattern with the 0.6868 as the Neckline and potential target at around 0.6640.
To demolish the SHS pattern and reverse the downtrend a move above 0.7030 is needed.

audusd d 17feb

GBPUSD below 200 Moving average.
GBPUSD seems set to test key support at around 1.1840. 100 and 200 daily SMA’s will provide some support here.  A close below 1.1840 will confirm a Double Top pattern unfolding with downside potential to around 1.1145 support illustrated by the two vertical arrows.
RSI is bearish testing its rising trendline. A break below followed by a move below 40 threshold will support the very bearish GBPUSD scenario.
For GBPUSD to demolish the bearish picture a close above 1.2445 is needed.

See previous Technical Update for Sterling : https://www.home.saxo/content/articles/forex/technical-analysis-gbpusd-eurgbp-15022023

gbpusd w 17feb

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.