US Greenback Vs Euro, British Pound, Australian Greenback – Worth Setups:
EUR/USD is testing key help, whereas GBP/USD has fallen underneath a significant flooring.AUD/USD is again on the decrease finish of the latest vary; USD/JPY eyes psychological 150..What’s subsequent for EUR/USD, GBP/USD, AUD/USD, and USD/JPY?
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The US greenback has damaged key resistance ranges in opposition to a few of its friends as higher-for-longer charges view solidifies after the US Federal Reserve final week signaled yet another charge hike earlier than the top of the yr and fewer charge cuts than beforehand indicated. For a extra detailed dialogue, see “US Greenback Will get a Increase from Optimistic Fed; EUR/USD, GBP/USD, AUD/USD,” printed September 21.
EUR/USD Weekly Chart
Chart Created by Manish Jaradi Utilizing TradingView
EUR/USD: Exams main help
EUR/USD’s break final week under the higher fringe of a rising channel from early 2023, coinciding with the Might low of 1.0630, confirms the medium-term upward stress has pale. The pair is now testing the January low of 1.0480 – a break under would pose a critical risk to the medium-term uptrend that began late final yr. Subsequent help is on the decrease fringe of the Ichimoku cloud on the weekly chart (now at about 1.0300). On the upside, EUR/USD wants to interrupt above the September 20 excessive of 1.0735 at minimal for the instant draw back dangers to dissipate.For a dialogue on fundamentals, see “Euro Might Be Due for a Minor Bounce: EUR/USD, EUR/JPY, EUR/GBP, Worth Setups,” printed September 19.
GBP/USD Weekly Chart
Chart Created by Manish Jaradi Utilizing TradingView
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GBPUSD: Bearish bias intact
GBP/USD has fallen underneath a significant flooring on the Might low of 1.2300, quickly disrupting the higher-low-higher-high sequence since late 2022. The retreat in July from the 200-week shifting common and the next sharp decline raises the chances that the retracement is the correction of the rally that began a yr in the past. For extra dialogue, see “Pound’s Resilience Masks Broader Fatigue: GBP/USD, EUR/GBP, GBP/JPY Setups,” printed August 23. The following vital help is on the March low of 1.1800. A fall under 1.1600-1.1800 would pose a threat to the broader restoration that began in 2022.
AUD/USD Weekly Chart
Chart Created by Manish Jaradi Utilizing TradingView
AUD/USD: Retests the decrease finish of the latest vary
AUD/USD is trying to interrupt under the decrease finish of the latest vary at 0.6350. This follows a retreat from pretty sturdy converged resistance on the August excessive of 0.6525, coinciding with the higher fringe of a rising channel since early September. Any break under 0.6350 might expose draw back dangers towards the November 2022 low of 0.6270. Beneath that the following help is on the October low of 0.6170.
USD/JPY Weekly Chart
Chart Created by Manish Jaradi Utilizing TradingView
USD/JPY: Psychological barrier at 150
USD/JPY is approaching the psychological barrier at 150, not too removed from the 2022 excessive of 152.00. There is no such thing as a signal of reversal of the uptrend, whereas momentum on the weekly charts isn’t exhibiting any indicators of fatigue. This means the pair might give a shot at 152.00. For the instant upward stress to start easing, USD/JPY would wish to fall under the early-September excessive of 147.75. Above 152.00, the following degree to look at could be the 1990 excessive of 160.35. For extra dialogue, see “Japanese Yen After BOJ: What Has Modified in USD/JPY, EUR/JPY, AUD/JPY?” printed September 25.
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— Written by Manish Jaradi, Strategist for DailyFX.com
— Contact and observe Jaradi on Twitter: @JaradiManish
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