Skip to Content
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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More


Paul Robinson,
What's on this page

The US Dollar is trying to maintain support against several currencies. In today’s session we took a look at GBP/USD as it tries to maintain a bid up against strong confluent resistance. AUD/USD appears set up to turn down and test significant support again here soon. USD/JPY has bottoming pattern potential and will look to take another step this week in confirming a bullish scenario, but there are still some obstacles not too far higher to watch.

Technical Highlights:

  • GBP/USD up against confluent resistance
  • AUD/USD turning down from resistance
  • USD/JPY trying to confirm H&S formation

For forecasts and educational guides, check them out on the DailyFX Trading Guides page.

GBP/USD up against confluent resistance

GBP/USD is trading up against a strong area made up of three differing angles of resistance. The trend-line from the April 2018 high is in confluence with the 200-day MA and to a lesser degree of resistance there is an upper parallel tied to the September low.

This makes for a ripe spot to look for Cable to turn down, even if only temporarily to work off the two-day shot higher last week. On weakness, watch how price reacts to the October 2016 trend-line that acted as a ceiling in September. We could see a battle between levels before either a resolution in-line with the longer-term down-trend, or see buyers push GBPUSD above resistance and extend the multi-week climb.

GBP/USD Daily Chart (Confluent resistance)

GBP/USD Daily Chart (Confluent resistance)

GBPUSD Chart by TradingView

AUD/USD turning down from resistance

AUD/USD is set up to trade lower in-line with the longer-term trend. It’s currently turning down from the July trend-line, working its way towards the lower parallel of a developing channel off the monthly low (best seen on the 4-hr). A break of the lower parallel should have significant support under the 6700-level back under siege. The more times it is tested (already 4 times since early August) the more likely it is it will eventually break.

AUD/USD Daily Chart (turning down from trend-line)

AUD/USD Daily Chart (turning down from trend-line)

AUD/USD Charts by TradingView

AUD/USD 4-hr Chart (watch developing channel)

AUD/USD 4-hr Chart (watch developing channel)

USD/JPY trying to confirm H&S formation

USD/JPY’s rise last week put price just above the neckline of the head-and-shoulders pattern building since June. However, it is struggling to hold above last month’s high, so a little more strength would be ideal before getting too bulled up. The 200-day lies ahead at 10905, it’s also in approximate confluence with swing-highs created during the summer – this could make things difficult.

USD/JPY Daily Chart (H&S to confirm?)

USD/JPY Daily Chart (H&S to confirm?)

USD/JPY Chart by Tradingview

Resources for Forex & CFD 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

You can follow Paul on Twitter at @PaulRobinsonFX

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