Technical Update - EURUSD, USDJPY, GBPUSD, USDCHF, AUDUSD and USDCAD Technical Update - EURUSD, USDJPY, GBPUSD, USDCHF, AUDUSD and USDCAD Technical Update - EURUSD, USDJPY, GBPUSD, USDCHF, AUDUSD and USDCAD

Technical Update - EURUSD, USDJPY, GBPUSD, USDCHF, AUDUSD and USDCAD

Equities 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  EURUSD below key support at 1.0723, eyeing 1.0660-1.0600 levels
USDJPY extending uptrend could be testing 2022 peak at around 152
GBPUSD likely to test 1.25 support
USDCHF above 0.8820 resistance, likely taking out 0.89, eyeing 0.90
AUDUSD resuming downtrend looking at 0.64 support
USDCAD breaking bullish out of range, likely move to 1.3625


EURUSD has broken below key support at around 1.723 and below the 0.618 retracement thereby continuing its downtrend that is likely to take the pair to support at around 1.0660.

RSI is confirming the bearish picture that could push EURUSD to the 0.786 retracement, a Fibonacci retracement level often being reached in the FX market.

To demolish the bearish scenario a close above 1.0805

Source all charts and data: Saxo Group

USDJPY broke above resistance at around 149.75 extending its uptrend that weas confirmed when closing above 148.80

Trading around the 1.618 projection of the latest correction there is no strong resistance until the 2022 peak at around 152

To revere the bullish picture a close below 148.80 is needed

GBPUSD spiked yesterday higher to the top of the Cloud a few cents below 1.27 only to collapse resuming downtrend. A test of strong support at around 1.25 is likely.

The rising 100 DMA will add to the support strength
A close below 1.25 is likely fueling a another sell-off down to the 0.618 retracement level and support at 1.2375

A close above 1.27 will reverse the bearish scenario

USDCHF went straight through resistance at around 0.8820 and is close to testing the 0.618 retracement at 0.8896
RSI is showing positive sentiment indicating higher USDCHF. No strong resistance until around the 0.786 retracement at 0.9050

A close back below 0.88 is likely demolishing the bullish scenario 
AUDUSD was sold off heavily yesterday after failing to break back above the 100 DMA thus continuing the downtrend unfolding the Shoulder-Head-Shoulder pattern potential.

Likely bearish move to support at around 0.64 but there is potential lower into the consolidation area.

A close above 0.6545 will likely demolish the bearish picture

USDCAD broke yesterday above upper ranger and resistance at 1.3545. That level is now a support currently being tested.
However, bullish trend is confirmed by positive sentiment on RSI and the higher close with short-term potential to the 0.618 retracement at 1.3625, but USDCAD could move to the 0.786 retracement at 1.3745 medium-term

A daily close below 1.3545 could jeopardize the bullish scenario.

Disclaimer

The Saxo 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 is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Inspiration Disclaimer and (v) Notices applying to Trade Inspiration, 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 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 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 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 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 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/en-sg/legal/disclaimer/saxo-disclaimer)

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region

Singapore
Singapore

Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit www.home.saxo/en-sg/about-us/awards.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

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.