U.S. Dollar: Will the Rally Continue?
Jason Sen | Jun 26, 2023 04:52AM ET
US dollar index beat resistance at 102.65/75 to hit the next target of 103.05/10.
I think we have established a new range from 102.00/101.90 up to 103.00/20. Holding this resistance targets minor support at 102.70/50. A break below here targets 102.00/101.90.
A break above 103.30 can target 103.65/70.
AUD/USD collapsed 100 pips to the next target of 6690/80, wiping out 50% of the very strong gains from the first 2 weeks of June.
Resistance at 6740/60. Shorts need stops above 6780.
CAD/JPY made a low for the day just 8 pips above support at 107.90/70. Longs need stops below 107.50.
Targets: 108.30, 108.70
NZD/JPY may be forming a double top & it may be worth betting on this pattern by selling at 8825/55. Shorts need stops above 8875.
Targets: 8790 & 8745
Strong support at 8745/25. Longs need stops below 8710.
Targets: 8785, 8820
GBP/USD breaks support at 1.2720/00 so we have resistance at 1.2720/40. Shorts need stops above 1.2760.
Targets: 1.2680, 1.2650, 1.2610
EURCAD shorts at resistance at 1.4470/90 worked perfectly last week hitting targets of 1.4440, 1.4410, 1.4370.
We can try this trade again this week on any retest.
Shorts need stops above 1.4510.
USD/CAD made a high for the day exactly at resistance at 1.3210/30. Shorts on a retest of the resistance this week need stops above 1.3245.
We can try this trade again this week on any retest.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.