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
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

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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

Source all charts and data: Saxo Group

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

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.

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.

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 :


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