Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
US Dollar Price Action Setups: AUD/USD, USD/JPY, EUR/USD, GBP/USD

US Dollar Price Action Setups: AUD/USD, USD/JPY, EUR/USD, GBP/USD

Daniel Dubrovsky, Contributing Senior Strategist

Share:

US Dollar, Australian Dollar, Japanese Yen, Euro, British Pound – Price Action Setups:

USD Forecast
USD Forecast
Recommended by Daniel Dubrovsky
Get Your Free USD Forecast
Get My Guide

AUD/USD Daily Chart – Bullish Engulfing and Rising Wedge

The Australian Dollar is attempting to make a comeback against the US Dollar. AUD/USD broke under a bearish Rising Wedge chart formation on Monday. 24 hours later, the pair turned higher and left behind a Bullish Engulfing candlestick pattern. This is a sign that the bulls aren’t quite ready to give up just yet. Follow-through will be key in the remaining trading sessions this week. An upside push from here could maintain the bullish posture since November. Otherwise, confirming a breakout under the wedge would offer an increasingly bearish outlook.

AUD/USD Daily Chart – Bullish Engulfing and Rising Wedge

Chart Created in TradingView

USD/JPY Daily Chart – Trendline Breakout Hits a Snag

On Monday, the US Dollar closed at its highest against the Japanese Yen in about one month. That pushed USD/JPY further above a key falling trendline from October, opening the door to a broader reversal. But, the 50-day Simple Moving Average kicked in and held as resistance. That is undermining the breakout. A confirmatory push above the 50-day SMA would likely shift the focus back to the upside. Key support is around 127.98. As for resistance, the midpoint of the Fibonacci extension at 135.116 would be a key contender.

USD/JPY Daily Chart – Trendline Breakout Hits a Snag

Chart Created in TradingView

EUR/USD Daily Chart – Rising Wedge Breakout and Doji

The US Dollar may be readying to extend gains against the Euro. That is because EUR/USD confirmed a breakout under a bearish Rising Wedge. Yet, on Tuesday prices left behind a Doji candlestick pattern. The latter is a sign of indecision. Upside follow-through after the Doji may undermine the wedge breakout, placing the focus on the floor of the wedge. It may hold as new resistance, pivoting prices lower. Extending losses places the focus on the January low at 1.0483.

EUR Forecast
EUR Forecast
Recommended by Daniel Dubrovsky
Get Your Free EUR Forecast
Get My Guide
EUR/USD Daily Chart – Rising Wedge Breakout and Doji

Chart Created in TradingView

GBP/USD Daily Chart – Double Top Neckline in Focus

The US Dollar is facing its next key test against the British Pound. After a few days of losses, GBP/USD finds itself sitting on the neckline of a bearish Double Top chart formation. Clearing this point, which seems to be sitting around 1.1951, would open the door to extending losses toward the 1.1639 – 1.1738 inflection zone. Getting there entails clearing the 100-day SMA, which may hold as support and maintain the upside focus. Pivoting higher from here on the other hand may open the door to revisiting the 1.2293 – 1.2444 resistance zone.

GBP/USD Daily Chart – Double Top Neckline in Focus

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the comments section below or@ddubrovskyFXon Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES