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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: 0.56% Silver: 0.39% Oil - US Crude: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nGk6siLuAj
  • #Gold prices have responded to key support with the recent recovery now targeting the first resistance target at 1472- look for a reaction here. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/DOaEk7zMub https://t.co/psZR1kviqk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.57%, while traders in France 40 are at opposite extremes with 84.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MicO4pBhXR
  • Banxico: - Core inflation running persistently high $MXN
  • $USDJPY drops as Financial Times reports that China continues to delay truce with US in struggle to close phase-one trade deal https://t.co/Nm2LnUSyRx
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: 0.01% Germany 30: -0.10% US 500: -0.14% Wall Street: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MLZRHQnmWc
  • Fed's Bullard: - Review of policy is evolution, not revolution $DXY $SPX
  • RT @Scutty: Global Debt Surges Above $250 Trillion as U.S., China Lead Way https://t.co/Lgr5sUSGQx
  • RT @LiveSquawk: Fed's Bullard: Fed Can Reconsider Whether To "Take Back" Recent Insurance Cuts If And When Businesses Adjust To New Trade L…
  • Fed's Bullard: - Baseline case for 2% growth is holding $SPX $DXY
US Dollar Charts - GBP/USD, USD/CAD, AUD/USD & More

US Dollar Charts - GBP/USD, USD/CAD, AUD/USD & More

2019-10-22 11:00:00
Paul Robinson, Currency Strategist
Share:

GBP/USD looks like it may have more room to go on the upside, but at this very moment price is extended. USD/CAD is on the verge of a significant breakdown, below 13000 will further this notion along. AUD/USD is up against a test of resistance amidst a strong downtrend, will it act as it did in September?

Technical Highlights:

  • GBP/USD extended, on hold for the moment
  • USD/CAD on the verge of breaking major support
  • AUD/USD runs into resistance, trend still weak

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

GBP/USD extended, on hold for the moment

GBP/USD has the market leaning the wrong way evidenced by its extraordinarily strong run in the near-term matching up with some of the biggest spikes in decades. It is short-term overbought, but barring a major reversal in recent Brexit momentum there is room to run to the May high at 13170 and March high near 13400. For now, waiting for price to digest a bit to see how the rally wants to hold, but it may not be long before another surge comes.

GBP/USD Daily Chart (overbought, but not yet at resistance)

US Dollar Charts - GBP/USD, USD/CAD, AUD/USD & More

GBPUSD Chart by TradingView

USD/CAD on the verge of breaking major support

USD/CAD is cracking the 2012 trend-line, and on that a ‘3-2’ pattern in place since December is on the verge of cracking open an even bigger ‘3-2’ pattern off the 2016 high. The 3-2 formation is marked by three highs and two lows, with the price eventually catching momentum once the second low is broken. With this all taking shape around the 2012 trend-line, the timing is especially interesting. A break of 13000 is viewed as confirmation and could start a strong downtrend into year-end.

USD/CAD Weekly Chart (‘3-2’ pattern at 2012 trend-line)

US Dollar Charts - GBP/USD, USD/CAD, AUD/USD & More

USD/CAD Daily Chart (lower-low below 13000 could be big)

US Dollar Charts - GBP/USD, USD/CAD, AUD/USD & More

USD/CAD Charts by TradingView

AUD/USD runs into resistance, trend still weak

AUD/USD has caught a solid bid recently, but can it last with the trend since last year so weak? It bounced hard in September but that was short-lived, could be similar this time. If there is a currency against the Dollar that might not act so well, it could very well be the Australian Dollar.

AUD/USD Daily Chart (watch for pullback from resistance

US Dollar Charts - GBP/USD, USD/CAD, AUD/USD & More

AUD/USD Charts 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.

DISCLOSURES

News & Analysis at your fingertips.