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Head of Fixed Income Strategy
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Technical Update - EURUSD bearish. GBPUSD range bound. AUDUSD testing key support. Dollar Index higher
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: EURUSD bearish likely to be testing key support around 1.0730
GBPUSD range bound 1.2775 - 1.2610
AUDUSD testing key support at 0.6522 in a Shoulder-Head-Shoulder top and reversal like pattern
Dollar Index crawling higher towards strong resistance at 104.27
EURUSD is testing the 100 DMA but is likely to move lower towards the key support at around 1.0730 possibly dipping down to the 0.618 retracement at 1.0712
Currently trading below the Cloud and RSI is in negative sentiment support the bearish scenario
To reverse the trend a close above 1.0933 is needed.
GBPUSD is range bound between 1.2775 and 1.2610. Brak out needed for trend direction. A close above 1.2775 is likely to lead to break of 1.2828 with a move higher towards 1.30
A bearish break out i.e., a close below 1.2610 could ignite a sell-off down to around 1.25 support.
AUDUSD has formed a Shoulder-Head-Shoulder like pattern and is currently testing what seems to be the Neckline at around 0.6522. A close below could lead to further sell-off down in to the Consolidation area 0.64-0.6270
A close above 0.6625 will demolish the S-H-S pattern with a likely bullish move to around 0.6738 to follow.
The Dollar Index seems to be crawling slowly higher currently above the 0.786 retracement. RSI is in positive sentiment supporting a bullish move towards strong resistance at around 104.27. The declining 100 DMA is adding to the resistance strength.
A close below 102.75 will demolish the bullish scenario
A close below 102.75 will demolish the bullish scenario
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