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USD, AUD/USD, GBP/USD – Charts for Next Week

USD, AUD/USD, GBP/USD – Charts for Next Week

2020-02-07 12:30:00
Paul Robinson, Currency Strategist
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Charts in Focus:

  • US Dollar Index looking for new cycle highs
  • AUD/USD could be at 2009 levels again soon
  • GBP/USD broke support, watch 200-day

US Dollar Index (DXY) strength is continuing this morning for a 5th straight day, we’ll have to see if it can maintain or even further along following the release of NFPs. A close above 98.54 puts the index in open space to trade towards the October 1 high at 99.67 and the 100-line. There will likely be some bumps along the way as volatility remains low and keeps price action choppy, but the general trading bias is for more USD strength.

US Dollar Index (DXY) Daily Chart (trekking higher)

US Dollar Index (DXY) daily chart

DXY Chart by TradingView

AUD/USDis extremely close to trading at new cycle lows below the 6670-mark from October. This is a big area around here with several powerful lows since August, thus making a break potentially important because at that point it will be trading at levels Aussie hasn’t seen since 2009. A bit of a hold and then break may make for a congestion pattern for traders to use as a set-up. Given the general trend and tone longs hold little appeal from where I sit.

AUD/USD Daily Chart (probing big support)

AUD/USD daily chart

AUD/USD Chart by TradingView

GBP/USDbroke important support yesterday via the 12940/3000-area. The break gave it clearance below a trend-line from November and good short-term horizontal support. After the upside fake-out into Jan 31 and downside breakdown now developing, looking for selling to come in and take Cable to around the 200-day MA.

GBP/USD Daily Chart (below support)

GBP/USD daily chart

GBP/USD Chart by TradingView

For all the charts we looked at, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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