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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support https://t.co/UBWBxY2nFC
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday! https://t.co/jihKB44ELn
  • https://t.co/lbNvVbQq4n
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19 https://t.co/EgUtX6Pmvy
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:https://t.co/iEL5cbFnHs https://t.co/6kLkUFkFvU
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy https://t.co/PKWy7SE8Dt
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
  • The flash September US PMIs slowed more sharply than expected. That was a general trend across the developed world with most economies continuing to slow from their post-Pandemic peak recovery paces https://t.co/TgkUDlOyAe
  • 🇺🇸 CB Leading Index MoM (AUG) Actual: 0.9% Expected: 0.7% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-09-23
  • $SPY showing some strength, support at the 50, res at the 23.6 $SPX $ES https://t.co/hYmriFrTKR
US Dollar Surge Ends on an Uncertain Footing: USD/CAD, EUR/USD, AUD/USD, GBP/USD

US Dollar Surge Ends on an Uncertain Footing: USD/CAD, EUR/USD, AUD/USD, GBP/USD

Daniel Dubrovsky, Strategist

US Dollar, USD/CAD, EUR/USD, AUD/USD, GBP/USD – Weekly Technical Outlook

  • US Dollar’s advance seemed to have ended on an uncertain footing
  • USD/CAD eyes a Shooting Star as EUR/USD faces a Falling Wedge
  • AUD/USD left behind a Hammer, GBP/USD eyes triangle support

USD/CAD – Slightly Bullish

The US Dollar’s aggressive push last week ended on an uncertain footing against the Canadian Dollar last week. While USD/CAD touched new 2021 highs at one point, prices came quickly back down on Friday. That left behind a bearish ‘Shooting Star’ candlestick pattern. While this is not necessarily a guarantee that a turn lower could be on the horizon, it does offer an ominous warning sign working in conjunction with negative RSI divergence. Confirmation is key, and a subsequent downside close risks opening the door to losses.

USD/CAD Chart

Chart Created in TradingView

EUR/USD – Slightly Bearish

The Euro remains tilted to the downside against the US Dollar, with EUR/USD consolidating lower within the boundaries of a bullish Falling Wedge chart pattern. While the latter can have upside implications, that may not become realized until a breakout above the formation is achieved. Until then, the US Dollar may continue outperforming. Prices are quickly approaching the critical 1.1603 – 1.1630 support zone. Breaking under this zone could open the door to extending the downtrend towards highs from March 2020.

EUR/USD Chart

Chart Created in TradingView

AUD/USD – Slightly Bearish

The US Dollar touched its most expensive point against the Australian Dollar this year so far. But, similar to USD/CAD, AUD/USD trimmed some of its progress on Friday. That left behind a bullish Hammer candlestick pattern. Upside closes in the following trading sessions could hint at a material turning point for the Aussie. Despite this, the dominant downtrend still remains in play, guided lower by the 20- and 50-day Simple Moving Averages (SMAs). In the event of more declines, keep a close eye on the 0.6991 – 0.7016 support zone.

AUD/USD Chart

Chart Created in TradingView

GBP/USD – Neutral

The British Pound also weakened against the US Dollar this past week, with GBP/USD consolidating lower within the boundaries of a Descending Triangle chart pattern. The pair is closely eyeing the 1.3572 – 1.3671 support zone. This well-established range has the potential to send prices back higher towards the ceiling of the triangle. Positive RSI divergence does show that downside momentum is fading. At the same time, prices confirmed a break under the 200-day SMA, opening the door to a material turn lower.

GBP/USD Chart

Chart Created in TradingView

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

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

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

DISCLOSURES