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Charts to Watch – USD Index, Euro, GBP/USD, Dow & More

Charts to Watch – USD Index, Euro, GBP/USD, Dow & More

Paul Robinson, Strategist

The US Dollar Index (DXY), driven largely by the euro, is trading at an inflection point with the arrival of an important data point upon us. Cable is near trend-line support, which could significantly impact its outlook. The Dow chart has potential for a large topping pattern to come to completion soon.

Technical Highlights:

  • DXY at resistance, EUR/USD at big support
  • GBP/USD trying to hold important trend-line support
  • Dow Jones Industrial Average (DJIA) nearing end of bearish pattern

For in-depth fundamental and technical analysis on your favorite market or currency, check out the newly released DailyFX Q2 Forecasts.

DXY at resistance, EUR/USD at big support

The US Dollar Index (DXY) is at significant resistance via horizontal peaks created over the past couple of months at the underside of a 3-year slope. Not far above lies the trend-line from March 2017, should the DXY try and attempt a breakout.

With the broad trend lower, and the DXY at a big resistance level, today’s NFPs release could be a dictator for how things will play out next week. A strong rejection from resistance will have lower prices in focus in the near-term, but range conditions will still persist until we see a breakdown below 8825.

US Dollar Index (DXY) (Big Resistance)

US dollar index (DXY) daily chart at resistance

See how current positioning in various markets/FX pairs could signal their next moves on the IG Client Sentiment page.

EUR/USD is testing the trend-line from April 2017, which is in approximate alignment with the May 2016 slope and March 20 low. It will be important for this support to hold to keep the short-term picture bullish, with a move to develop back up towards the 2008 trend-line. A breakdown will have 12155 and the 2017 high at 12092 in focus. It will take a drop below the 2017 high to turn the picture outright bearish, though.

EUR/USD Daily Chart (Confluence of Support)

EUR/USD daily chart at confluence of support

For intermediate-term analysis, check out the Q2 Forecast for USD and EUR

GBP/USD trying to hold important trend-line support

GBP/USD is also at a pivotal spot, as the trend-line from November is back in play. It has numerous inflection points, making it an important threshold. Hold above and a move back to the top-side should soon develop, with the possibility of a triangle coming into play down the road. For now. Focus is on holding the trend-line.

GBP/USD Daily Chart (Trend-line Support)

GBP/USD daily chart at trend-line support

In FX, we also looked at USD/JPY, GBP/JPY, CHF/JPY, CAD/JPY, AUD/JPY, USD/CAD, AUD/NZD, EUR/GBP, GBP/NZD, along with a few others.

For intermediate-term analysis, check out the Q2 Forecast for GBP

Dow Jones Industrial Average (DJIA) nearing end of bearish pattern

As we discussed this morning, the Dow could be nearing the completion of a large descending wedge topping formation with potential to send it towards the 20k mark. If it is to play out, then the recent bounce shouldn’t grow legs beyond the trend-line off the record high. A break below the bottom of the pattern and 200-day MA should have the market in swoon mode again.

Dow Jones Daily Chart (Descending Wedge)

Dow Jones Daily Chart with descending wedge

For intermediate-term analysis, check out the Q2 Forecast for Global Stock Indices

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

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