Despite recent consolidation, the broad US Dollar technical landscape remains bullish against most of its major peers. What are key levels to watch for EUR/USD, AUD/USD, USD/JPY and GBP/USD? Get your market update from ddubrovskyFX here:
The US Dollar could be readying to extend gains against the. In addition to a Rising Wedge, a bearish Head & Shoulders chart formation is brewing on the daily chart below. The neckline seems to have been reinforced around 0.6893. A confirmatory breakout under this price could open the door to extending losses toward the 100-day Simple Moving Average . Otherwise, pushing above 0.7009 – the right shoulder – opens the door to revisiting the January high where key resistance stands around 0.
since USD/JPY broke above the falling trendline from the end of last year. Still, the 50-day SMA is holding as critical resistance, maintaining the broader downside focus. A confirmatory push above the 23.6% Fibonacci retracement level at 133.05 would likely offer an increasingly bullish outlook, placing the focus on the 38.2% Fibonacci retracement level at 136.66. Otherwise, a turn lower places the focus on the January low at 127.22.
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