Technical Analysis: Forex charts of the week

An updated weekly analysis of the price action across forex markets, including EUR/USD, GBP/USD, AUD/USD & USD/JPY

EUR/USD

The euro has broken down from a rising wedge top formation and fallen below its 50-day moving average. The 50 DMA and broken rising trendline are now resistance near 1.18. Support comes in at 1.585, 1.5 and 1.4.

 

GBP/USD

Having stalled at 1.35, GBP/USD quickly broke below and re-tested the 1.30 level, which is now resistance. It is now sitting at 2-month lows within a support zone formed by the April and June peaks formed at 1.246 and 1.28 respectively. Major support its at 1.25.

 

AUD/USD

The Aussie dollar broke below its 50 day moving average and a 3-month old rising trendline - and is now testing a confluence of support at the 0.70 round number and rising channel support.

 

USD/JPY

Dollar-yen has twice found support at 104 but remains within a downtrend as defined by 2 falling trendlines and the 50 day moving average, which serve as dynamic resistance. 104 is key support with a break potentially opening up a re-test of the March low near 101.

 

 

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