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Technical Update - EURUSD, USDJPY, GBPUSD & AUDUSD
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: EURUSD approaching key support at 1.0480
USDJPY reaching 0.382 retracement testing resistance area
GBPUSD trading around 200 Moving Average. Double top pattern still in play
AUDUSD Shoulder-Head- Shoulder pattern unfolding with further downside potential
Today's Market Quick Take from the Saxo Strategy Team
EURUSD is approaching the 0.382 retracement at 1.0461 and the support at around 1.0481. A bounce from here should be expected.
Trend is down, however supported by negative RSI suggesting there is further downside potential in EURUSD.
The 200 daily Moving Average could be tested in the very near future probably dipping down to key strong support at around 1.,0240.
To reverse the bearish trend a close above 1.0805 is needed.
USDJPY has reached the 0.382 retracement at 136.53 just below the 200 and the 100 daily Moving Average, and below the strong resistance at around 137.85.
A minor correction after the past couple of weeks uptrend should be expected. However, RSI indicates higher USDJPY levels.
If USDJPY breaks above 137.85 a move to strong resistance and 0.618 retracement at around 142.25 is in the cards.
To reverse the uptrend a close below 129.80 is needed
GBPUSD. Possible Double top pattern is still in play. A close below 1.1840 will confirm it with downside potential to 1.1241 and strong support at around 1.1143.
See previous Technical Update on GBPUSD: https://www.home.saxo/content/articles/forex/technical-analysis-eurusd-usdjpy-audusd-usd-index-17022023
AUDUSD Shoulder-Head-Shoulder pattern unfolding.
After breaking below Neckline AUDUSD could drop to support at around 0.6640. A close below could lead to further selling pressure.
For AUDUSD to reverse the bearish trend a close above 0.6920 is needed.
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