The dollar is now weaker across the board as money flows out of safe havens and into more risky assets.
Markets have been discounting inflationary pressures with the US economy still considered weak if recent factory production numbers are any indication.
Analysts increasingly see no US interest rate hikes until September 2022.
EURUSD beat resistance at 1.1620 and testing the next one at 1.1675. Its H4 60MA still looks flat.
GBPUSD is hovering around the major resistance at 1.3800. If the ceiling breaks, the next target is 1.3900 dollars and then 1.4035.
USDJPY is failing to make any headway near the 114.70 yen. Its H4 60MA still looks strong.
AUDUSD has actually broken its 74.15 topside target. If the dollar weakness feeds into more commodity pairs, those other resistance levels in the yellow box in the Aussie chart below may be tested in order.
Gold appears to just be bouncing between 1765-1780 dollars.
As always, all prior support and resistance lines were still respected and will likely continue to be.
The charts at the end of this article are H4 charts of a selection of major FX pairs.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Each pair would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
