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US Dollar Technical Outlook Turning Positive: USD Charts to Watch

US Dollar Technical Outlook Turning Positive: USD Charts to Watch

Paul Robinson, Strategist

USD Technical Outlook


US Dollar working on turning the corner

The US Dollar Index (DXY) is in the process of turning higher, representing what may potentially amount to a broad USD rally. The index in the short-term is working on an inverse head-and-shoulders pattern that could soon have the March trend-line in focus if the neckline is broken.

In the event the pattern is triggered and the March trend-line is breached, the next level of significant resistance to watch will be the September low at 91.74. Both of these medium-term thresholds have significant importance to the outcome on a boost higher from here.

Should the head-and-shoulders fail to trigger above the neckline and rollover towards a break of 90.05, then look for a potential continuation in the downward trend towards the 2018 low at 88.27.

At the immediate moment, the upside is looking increasingly favorable, but we can’t rule out a pattern failure. With that in mind, waiting for confirmation will be key.

Turning to a few key USD charts; EUR/USD is looking nearly opposite the DXY (EUR = 57.6% of DXY), GBP/USD is posting a rising wedge that could soon trigger, USD/JPY channel is about to break, and USD/CAD is trying to break a falling wedge.

US Dollar Index (DXY) Daily Chart (inverse H&S, top-side resistance to watch)


DXY Chart by TradingView

EUR/USD 4-hr Chart


EUR/USD Chart by TradingView

GBP/USD 4-hr Chart


GBP/USD Chart by TradingView

USD/JPY 4-hr Chart


USD/JPY Chart by TradingView

USD/CAD 4-hr Chart


USD/CAD Chart by TradingView

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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.