Technical Update - Dollar pairs on the move: EURUSD, GBPUSD, USDCAD, AUDUSD and NZDUSD Technical Update - Dollar pairs on the move: EURUSD, GBPUSD, USDCAD, AUDUSD and NZDUSD Technical Update - Dollar pairs on the move: EURUSD, GBPUSD, USDCAD, AUDUSD and NZDUSD

Technical Update - Dollar pairs on the move: EURUSD, GBPUSD, USDCAD, AUDUSD and NZDUSD

Forex 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURUSD failed once again to close above the 0.382 retracement at 1.0865 and seems to be resuming down trend
RSI rejected at 60 threshold still showing negative sentiment supporting the scenario of resuming downtrend.
A down trend that can take EURUSD down to the strong support at around 1.07  

For EURUSD to establish a bullish trend a close above 1.09 is needed
Source all charts and data: Saxo Group
GBPUSD has been rejected at 1.27 resistance and move down to test the support at around 1.2635 seems likely.

The RSI got rejected at the 60 threshold and is still showing negative sentiment supporting a bearish GBPUSD move.
The rising 200 and 100 Daily Moving Averages (DMA) will give some support around 1.25

If GBPUSD could break and close above 1.27, there would be potential to 1.2775 - 1.2825
USDCAD keeps climbing higher bouncing from the lower rising trendline and from the 200 DMA. Currently above the 100 DMA.

A bullish move to the upper rising trendline and the resistance at 1.3618 which is within few cents of the 0.618 retracement at 1.3625. A close above could quite likely push USDCAD higher towards the 0.786 retracement at 1.3745

A daily close below 1.3440 will demolish the bullish scenario. Early warning for that scenario to play out would be a close below the lower rising trend line

AUDUSD closed yesterday below 0.6520 thus resuming bear trend. RSI is showing negative sentiment and is about to break back below the 40 threshold which will further confirming the bearish scenario.  

A bearish scenario that can take AUDUSD to 0.64. The Shoulder-Head-Shoulder like pattern potential can still unfold

For the bearish scenario to be demolished a close above 0.66 is needed

NZDUSD has been rejected at the 0.50 retracement at 0.6204, failing to close above 0.62 (and rejected at the Cloud – shaded area).

Massive selling this morning has pushed the pair down to the 100 Daily Moving Average.
RSI already showing negative sentiment has been rejected at the 60-threshold confirming that NZDUSD is likely resuming bearish trend.

A move down to test key strong support at 0.6050 seems likely.

A break below could further fuel a sell-off down to 0.60, possibly lower. A close below 0.60 could extend the bearish move down to around 0.59-0.5875.  

For NZDUSD to establish an uptrend a close above 0.62 is needed

How to read and understand the technical indicators and how I use them follow the link below:

Volume
Moving Averages
RSI
Ichimoku Cloud

Technical analysis studies and indicators

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.