Forexrobots24

forex advisor developer

EUR/USD, AUD/USD, GBP/USD Analysis. US Dollar At a Turning Point?

US Dollar, Euro, Australian Dollar, British Pound, EUR/USD, AUD/USD, GBP/USD – TALKING POINTS

  • EUR/USD climb turned steeper in mid-July, but recent price action hints at pullback
  • AUD/USD stalling at an over one-year resistance range, opening the door to retreat
  • GBP/USD cleared multiple ceiling – will the pair lose steam before retesting 1.3212?

EUR/USD Analysis

EUR/USD has climbed along a steep, upward-sloping support channel since early May, and in early July the pair rose at an even more ambitious incline. However, recent price action ahead of a key technical level suggests EUR/USD may pull back. The pair’s apparent reluctance to break the March 2019 swing-high at 1.1815 could signal the start of a retreat. This may lead to retesting the integrity of the uptrend.

EUR/USD – Daily Chart

Chart showing EUR/USD

EUR/USD chart created using TradingView

AUD/USD Forecast

AUD/USD is showing signs of hesitation at the bottom lip of a key resistance range between 0.7181 and 0.7206. The pair also stalled around these levels in both April and May of 2019. Failure to clear these barriers with follow-through could inspire bears to come out of their caves and further pressure AUD/USD.

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Recommended by Dimitri Zabelin

Improve your trading with IG Client Sentiment Data

Get My Guide

With negative RSI divergence also showing slowing upside momentum, the path of least resistance supports a bearish bias – at least in the short term. AUD/USD may then retreat to a familiar inflection point at 0.7018. Follow me on Twitter @ZabelinDimitri for more dissections on key technical cross-sections.

AUD/USD – Daily Chart

Chart showing AUD/USD

AUD/USD chart created using TradingView

Forex for Beginners

Forex for Beginners

Recommended by Dimitri Zabelin

Forex for Beginners

Get My Guide

GBP/USD Outlook

GBP/USD has not only invalidated descending resistance dating back to December 2019 but also broken above three key former support-turned-resistance layers at 1.2751, 1.2816 and 1.2877, respectively. The next target may be a familiar stalling point at 1.3212. Having said that, if the pair undergoes a cooling-off period, GBP/USD may retest the familiar inflection point at 1.2877 before either bouncing or continue sliding.

GBP/USD – Daily Chart

Chart showing GBP/USD

GBP/USD chart created using TradingView

— Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter