US Greenback, USD/CAD, AUD/USD, EUR/USD, GBP/USD – Weekly Technical Outlook
- DXY Greenback index noticed greatest weekly efficiency in over 14 months
- USD/CAD key downtrend ending? AUD/USD takes out 200 SMA
- EUR/USD eyeing key trendline, GBP/USD broke its equal
USD/CAD – Bullish
USD/CAD skilled its greatest week in about 15 months within the aftermath of the Fed price resolution. The dominant downtrend since 2020 may now be in danger because the pair is trying to clear the 100-day Easy Shifting Common (SMA). The 1.2468 inflection level can be in focus. If the US Greenback clears the latter towards the Canadian Greenback, it may open the door to testing peaks from April. In any other case, a flip again decrease might place the concentrate on the 20-day and 50-day SMAs. These may set up a bullish crossover within the coming week.
AUD/USD – Bearish
AUD/USD weakened essentially the most in about 9 months this previous week. This left the Australian Greenback breaking beneath the important thing 0.7532 – 0.7583 assist zone after taking out the 0.7675 – 0.7706 vary. The 200-day SMA was additionally damaged, opening the door to a fabric downward shift. This has uncovered the 0.7343 – 0.7413 inflection zone. Costs might pause positive factors round this vary, however a bearish crossover between the 20-day and 50-day SMAs is bolstering the near-term downward bias. Additional losses exposes 0.7209, the 78.6% Fibonacci retracement.
EUR/USD – Bearish
EUR/USD declined essentially the most in over 14 months this previous week, extending Might’s prime after a Bearish Engulfing candlestick sample fashioned. Now, the Euro is testing a rising trendline from a 12 months in the past. A bearish crossover may additionally emerge if the 20-day SMA falls beneath the 50-day equal, additional emphasizing the main focus to the draw back. Clearing 1.1836, which is the March 9th low, would expose 1.1704 thereafter. In any other case, a bounce would possible place the main focus again on the SMAs once more.
GBP/USD – Bearish
GBP/USD skilled the worst week in about 9 months, extending June’s prime. The pair additionally cleared rising assist from a couple of 12 months in the past. As such, the dominant uptrend is wanting more and more susceptible. Extending losses might place the concentrate on the 1.3671 – 1.3779 assist zone. At that time, the 200-day SMA may additionally come into play to reinstate the narrative to the upside. If costs bounce as a substitute, the British Pound might flip again in direction of 2018 highs to retest former rising assist.
— Written by Daniel Dubrovsky, Strategist for DailyFX.com
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