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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, Strategist

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

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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.