US Dollar, Euro / USD, GBP / USD, AUD / USD, USD / JPY – Weekly Technical Overview
- US dollar boosted last week with major friends, more for the future?
- EUR / USD may indicate lower prices in early March, GBP / US slide extends
- AUD / USD is placed between trend lines, USD / JPY will increase by 2017 levels
Euro / Dollar – Carrier
It should be noted that the US dollar fluctuated slightly against the euro last week, but the EUR / USD has lost all interest rates since then. While this is primarily a technical component, it should be noted that the ongoing situation in Ukraine plays a key role for the single currency. The escalation of the conflict could put further pressure on the euro next week.
Closes March 7.We A low of 1.0806 exposes below April 2020, creating a key support zone between 1.0727 – 1.0793. Beyond that, the 2020 low is at 1.0636 and below that there is a 138.2% Fibonacci extension of 1.0496. When a high turn occurs, keep an eye on the 50-day light moving average (SMA) and the previous support zone 1.1122 – 1.1186. The latter can be entered as a new objection.
GBP / USD – Carrier
The US dollar continued to gain strength against the British pound last week, with the GBP / USD new 2022 low and closing at the November 2020 low. Like the euro, Sterling is vulnerable to Ukrainian tensions. The pair exposed the 123.6% Fibonacci extension to 1.2917, down from 138.2% to 1.2819.
The latter is set in the September 2020 low, leaving a support zone between 1.2676 and 1.2763. A death cross carried between 20- and 50-day SMAs remains in play. The latter can maintain the main declining trend in the event of a high turn. The immediate resistance, however, seems to be the support zone of 1.3161 – 1.3195.
AUD / USD – Neutral
The US dollar traded lower against the Australian dollar last week, leaving the AUD / USD Bearish Engulfining Candlestick behind. It looks like new support for the previous 0.7273 – 0.7314 defense zone closure could open the door to reverse February growth. Such an effect supports the increase in focus – blue lines in the table below.
Increased support can be focused upwards. Still, protests from February 2021 continue to push the couple down. With that in mind, these interconnected trends can keep Australia in a strong position until a flash. The immediate resistance looks like 78.6% Fibonacci retracement at 0.7430. October is higher than the latter. Breaking with increasing support exposes the January low.
USD / JPY – Bolish
The US dollar rose against the Japanese yen last week, the USD / JPY closed sharply in the new 2022, and has been at its highest level since January 2017. In fact, the 2.2% increase was the best performance since March 2020. It was broken over N. The formation of a triangular chart ascendingIt will open the door to restore its dominance from the beginning of 2021.
Fast resistance 100% Fibonacci extension at 117.29, then 123.6% level at 118.19. The latest high is 118.66 in December 2016. Keep a close eye on the triangular roof when turning down. The fall of the latter opens the door to test the growing support since November.