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  • The Australian Dollar could reverse gains if #Brexit is forced to be delayed. Global growth slowdown woes and other fundamental risks may also undermine $AUDUSD upside progress. Get your $AUD market update from @ddubrovskyFX here: https://t.co/VAs2C3cpQj https://t.co/9mqJ0DSLZZ
  • Here is my trading video for the week ahead: '$EURUSD, #Pound, Volatility - The Biggest Risks and Opportunities Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/19/EURUSD-Pound-Volatility---The-Biggest-Risks-and-Opportunities-Ahead-.html
  • $GBPUSD is on the verge of pushing above five-year resistance. A break above with follow-through may precede considerable upside movement. Get your GBP/USD market update from @ZabelinDimitri here: https://t.co/0qfh7TRWJn https://t.co/GImIwuGodX
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  • The #Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your Euro market update here: https://t.co/gl9VRc3XEp https://t.co/K2mQuEolQc
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US Dollar, EURUSD, GBPUSD & More: Charts for Next Week

US Dollar, EURUSD, GBPUSD & More: Charts for Next Week

2019-10-11 12:00:00
Paul Robinson, Currency Strategist

The US Dollar Index (DXY) is teetering on support, and appears headed for a breakdown soon below trend support. With that, the Euro is trying to break its pattern of failed rallies at resistance, but can it? Cable is getting a monster lift on Brexit, beginning to test some important resistance levels; watch how price action plays out at these levels.

Technical Highlights:

  • US Dollar Index (DXY) on the verge of a breakdown
  • EURUSD trying to break out of the same old pattern
  • GBPUSD rally has price pressing on big resistance

See where our team of analysts see your favorite markets and currencies headed in the in the DailyFX Trading Forecasts.

US Dollar Index (DXY) on the verge of a breakdown

The US Dollar Index (DXY) is under pressure again today with the Euro and Sterling rallying. This has trend support from June in focus, and if momentum at this time is any indication support may not hold. A breakdown is seen as leading a larger decline to the September low at 9786, followed by the trend-line rising up off the February 2018 low and 200-day MA (both in near confluence).

US Dollar Index (DXY) Daily Chart (larger decline may be in works)

US Dollar, EURUSD, GBPUSD & More: Charts for Next Week

U.S. Dollar Currency Index (DXY) Chart by TradingView

EURUSD trying to break out of the same old pattern

The Euro is helping push the DXY over the edge, and is currently on the verge of breaking its sequence of stalling at trend resistance. The trend-line from late June held price in check yesterday, but as of now that is in the rear-view mirror. The area around 11085 is resistance, then beyond there the February 2018 trend-line.

EURUSD Daily Chart (working towards breaking resistance)

US Dollar, EURUSD, GBPUSD & More: Charts for Next Week

EURUSD Chart by TradingView

GBPUSD rally has price pressing on big resistance

GBPUSD is putting in a monster day-and-a-half so far, with it now testing the trend-line from April 2018 and very nearly the 200-day MA. This could make for an interesting spot as confluent trend resistance comes into play. It’s a spot to look for Cable to stall, but that doesn’t, with headline risk and momentum in play, necessarily make it a great spot to be short.

GBPUSD Daily Chart (big momentum into confluent resistance)

US Dollar, EURUSD, GBPUSD & More: Charts for Next Week

GBPUSD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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