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US Dollar Price Action Setups: EUR/USD, AUD/USD, GBP/USD

US Dollar Price Action Setups: EUR/USD, AUD/USD, GBP/USD

2020-10-20 18:48:00
James Stanley, Strategist
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US Dollar Talking Points:

  • It’s been relatively quiet in FX-land, but the USD did push below a big zone of support earlier today.
  • This may be setting a trap, however, and below I look at the matter from a couple of different angles.
  • The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
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What at first may appear eventful, the US Dollar has broken below a key zone of support this morning as rumors and hopes for a stimulus deal continue to permeate the backdrop. But – that bearish push has had little motivation beyond the same 93.00 level that held the lows last week. This may start to feel a little like a trap scenario and with both stimulus and the election looming large for US economic trends, this may be an area where cross-pairs away from the USD can be seen as attractive. That said, there may be some open opportunity on either side of the matter, with USD-weakness potential pointing towards AUD/USD reversal scenarios and USD-strength potential pointing to the possibility of a bear flag break in GBP/USD.

US Dollar Four-Hour Price Chart

US Dollar Four Hour Price Chart

Chart prepared by James Stanley; USD, DXY on Tradingview

AUD/USD Bounce from Support Zone

AUD/USD put in yet another bearish push over the past week but, similar to what happened in September, price action ran into a brick wall of support that’s so far arrested the move. This can keep the door open for bullish reversal potential, particularly for those looking at short-USD scenarios.

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AUD/USD Four-Hour Price Chart

AUDUSD Four Hour Price Chart

Chart prepared by James Stanley; AUD/USD on Tradingview

GBP/USD Bear Flag Remains

On the long-side of USD, GBP/USD bearish potential remains of interest. The pair continues in a bear flag formation but, at this point, sellers haven’t yet taken-control. The price of 1.2896 appears to be big, and below that, another big level of support exists around 1.2712.

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GBP/USD Four-Hour Price Chart

GBPUSD Four Hour Price Chart

Chart prepared by James Stanley; GBP/USD on Tradingview

EUR/USD Testing Resistance at Prior TL Support

Another possible long-USD option is the short-side of EUR/USD. The pair has broken out this morning, testing above the prior October swing-high around 1.1831. Also of interest, a prior bullish trend-line is seeing an underside re-test, and this can create some interesting potential.

Near-term, there could be short-side reversal scenarios to entertain. Bigger-picture, however, draws the attention to the 1.1794-1.1800 area on the chart; a support hold of which can re-open the door for bullish continuation scenarios in the recent move.

EUR/USD Four-Hour Price Chart

EURUSD Four Hour Price Chart

Chart prepared by James Stanley; EUR/USD on Tradingview

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

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