US Dollar, USD / CAD, EUR / USD, AUD / USD, GBP / USD – Weekly Technical Outlook
- US dollarprogress seemed to have ended on an uncertain basis
- USD / CAD eyes as a descending star like EUR / USD faces a falling wedge
- AUD / USD left the hammer behind, GBP / USD eyes triangle support
USD / CAD – Slightly bullish
The aggressive push of the US dollar last week ended on an uncertain footing Canadian dollar Last week. Although USD/ CAD touched new peaks in 2021 at some point, prices fell sharply on Friday. It left the bear behindFalling star‘candlestick pattern. While this may not guarantee that the horizon may turn lower, it provides an ominous warning sign that works with a negative RSI difference. Fastening is key and the downside that follows can open the door to loss.
EUR / USD – A little bearish
The Euro is tilted down against the US dollar, with EUR / USD consolidating in an upward direction Falling wedge chart pattern. While the latter may have a positive impact, it may not materialize until a breakthrough is achieved. Until then, the US dollar may continue to outperform. Prices are fast approaching the critical support zone of 1.1603 – 1.1630. Breaking down this zone could open the door to widen the downward trend towards the peaks from March 2020 onwards.
AUD / USD – A little bearish
The US dollar touched on its most expensive item Australian dollar so far this year. However, like USD / CAD, AUD / USD cut some of its progress on Friday. It lagged bullish Hammer candlestick pattern. Closing the next trading session backwards could signal an important turning point for the Aussie. Nevertheless, the dominant downward trend remains at stake, driven by lower 20- and 50-day moving averages (SMAs). In the event of a larger drop, observe the zone 0.6991 – 0.7016 closely.
GBP / USD – neutral
The British pound also weakened against the US dollar last week, with GBP / USD consolidating lower within the declining triangle chart. The pair is closely monitoring the 1.3572 – 1.3671 support zone. In this well-established range, it is possible to send prices higher towards the ceiling of the triangle. A positive RSI difference indicates that the negative momentum is disappearing. At the same time, prices confirmed a 200-day SMA holiday, which opened the door to a turnaround in material.
– Written by Daniel Dubrovsky, Strategist For DailyFX.com
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