Technical Update - Major FX pairs on the move: EURUSD, Dollar Index, USDJPY, AUDUSD & GBPUSD

The Dollar Index is taking off eyeing resistance and 0.618 retracement at around 105. If breaking above a move to the 200 SMA area and 0.786 retracement at around 109.35 is likely

USDJPY is targeting higher levels. 0.382 retracement at around 136.53 seems likely . 200 and 100 SMA’s will provide some resistance. However, there is no strong resistance until around 137.85 so a spike up short-term to around that levels should be expected.
For USDJPY to resume down trend a close below 129.79 is needed. A close below 132.90 would be first signals that that scenario to unfold.

AUDUSD has broken below support at around 0.6868 . Could find some support at the 200 SMA around 0.6800 but the pair seems heavy . AUDUSD has formed a Shoulder-Head-Shoulder pattern with the 0.6868 as the Neckline and potential target at around 0.6640.
To demolish the SHS pattern and reverse the downtrend a move above 0.7030 is needed.

GBPUSD below 200 Moving average.
GBPUSD seems set to test key support at around 1.1840. 100 and 200 daily SMA’s will provide some support here.  A close below 1.1840 will confirm a Double Top pattern unfolding with downside potential to around 1.1145 support illustrated by the two vertical arrows.
RSI is bearish testing its rising trendline. A break below followed by a move below 40 threshold will support the very bearish GBPUSD scenario.
For GBPUSD to demolish the bearish picture a close above 1.2445 is needed.

See previous Technical Update for Sterling : https://www.home.saxo/content/articles/forex/technical-analysis-gbpusd-eurgbp-15022023