The US Dollar is appearing to show increasing technical signals that it is readying to make further upside progress. What is the road ahead for AUD/USD, USD/JPY, EUR/USD and GBP/USD? Get your market update from ddubrovskyFX here:
broke under a bearish Rising Wedge chart formation on Monday. 24 hours later, the pair turned higher and left behind a Bullish Engulfing candlestick pattern. This is a sign that the bulls aren’t quite ready to give up just yet. Follow-through will be key in the remaining trading sessions this week. An upside push from here could maintain the bullish posture since November. Otherwise, confirming a breakout under the wedge would offer an increasingly bearish outlook.
On Monday, the US Dollar closed at its highest against thein about one month. That pushed USD/JPY further above a key falling trendline from October, opening the door to a broader reversal. But, the 50-day Simple Moving Average kicked in and held as resistance. That is undermining the breakout. A confirmatory push above the 50-day SMA would likely shift the focus back to the upside. Key support is around 127.98. As for resistance, the midpoint of the Fibonacci extension at 135.
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