Dollar Strength

By Alexandros Yfantis of Trading2Day

Alexandros Yfantis • Sep 25, 2017 at 8:29 AM EDT

Dollar strengthed in 5 out of 6 major pairs. Only GBP is higher vs USD so far. Will the rest turn as well?

The dollar strengthened in 5 out of 6 major pairs. Only GBP is higher vs USD so far…will the rest turn as well…let's look at their technical picture…

EURUSD

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Price is still inside the bullish channel. Price is making higher highs and higher lows since the 1.1835 last week’s low.

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Important resistance is at 1.20. EURUSD seems unable so far to convincingly break above it…On the other hand, the 1.18 support is being respected so far…..I believe eventually we will break higher towards 1.22. I have no positions here.

GBPUSD

Trend is mostly sideways here. Price has stopped the rise at the important long-term trend line resistance, but price remains above cloud support and as long as this holds, I expect a new upward breakout. I have no positions here.

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USDJPY

I believe there are more than 80% chance we have seen the end of the rally. I now expect a strong reversal towards 107 and lower. We have hit trend line resistance, RSI resistance and divergence….I’m very bearish this pair.

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USDCAD

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Inside bullish channel but in a corrective upward wave. This upward move will soon end and a new downward move will start. Key support level is at 1.2230-1.22. Breaking it will be the first bearish signal for the move towards 1.15. I have no positions here.

NZDUSD

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Things do not look good for the NZD as long as price is below 0.7370. We have a rejection at daily cloud resistance and at the 61.8% Fibonacci retracement. I have no positions here.

AUDUSD

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I’m very bullish this pair. We have a triangle break out, a back test and I expect price to resume the up trend soon and move past 0.82.

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STOCKS IN THIS ARTICLE

ERO GBBEF JYNFF UUP

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