The Finvest
  • Finance
  • Markets
  • Personal Finance
  • Retirement
  • Debt
  • Forex
  • Cryptocurrency
What's Hot

We Don’t Have ‘Immaculate Disinflation,’ and Markets Are Too Bullish on Rate Cuts

December 8, 2023

3 moves worth making if you’re worried about running out of money in retirement

December 8, 2023

How does debt relief work?

December 8, 2023
Facebook Twitter Instagram
Facebook Twitter Instagram
The Finvest
Subscribe
  • Finance

    Japanese Yen hangs near daily low against USD, focus remains glued to US NFP report

    December 8, 2023

    Ether (ETH) Traders Gaining Favor Over Bitcoin after Latter’s Spike to $44K

    December 6, 2023

    Apple Stock Breaks Out As Key Supplier Raises Sales Outlook

    December 5, 2023

    XRPL Labs Proposes New Atomic Multi-Asset Payments Transactor for Xahau

    December 4, 2023

    Ethereum team lead sees zero interest from university in collaborating

    December 3, 2023
  • Markets

    We Don’t Have ‘Immaculate Disinflation,’ and Markets Are Too Bullish on Rate Cuts

    December 8, 2023

    Japan trade, Q3 GDP, U.S. jobs

    December 8, 2023

    Stocks pop, tech leads as focus fixes on jobs data

    December 7, 2023

    DAX: Germany’s stock market just hit a new record high despite a faltering economy. What gives?

    December 6, 2023

    European markets set to regain positive momentum and rebound at the open – NBC Chicago

    December 6, 2023
  • Personal Finance

    What’s the average Social Security payment at ages 62, 66 and 71 — and how does your check stack up?

    December 7, 2023

    8 easy money moves to make this year for better finances in 2024

    December 6, 2023

    Utah retirement experts issue critical warning about Social Security

    December 6, 2023

    Money rules for childfree people, according to a CFP

    December 5, 2023

    If You’re Making Just $15 an Hour, You Can Still Grow Financially — Here Are 8 Expert Tips

    December 5, 2023
  • Retirement

    3 moves worth making if you’re worried about running out of money in retirement

    December 8, 2023

    12 Brilliant Money Moves Baby Boomers Are Making in Retirement

    December 8, 2023

    Elon Musk’s figh with Nordic labor intensifies as pension fund dumps Tesla shares

    December 7, 2023

    Alberta government rejects amendments to Canada Pension Plan exit legislation

    December 7, 2023

    What the rush of congressional retirements means

    December 6, 2023
  • Debt

    How does debt relief work?

    December 8, 2023

    Chinese developer Shimao trades flat after issuing plan to revamp offshore debt

    December 8, 2023

    How TikTok Drives Gen Z Women Into Debt

    December 7, 2023

    Pennymac to issue $650M in unsecured debt

    December 6, 2023

    DEBT Box urges judge to toss suit as SEC got case ‘badly wrong’

    December 6, 2023
  • Forex

    Master Direction part of Initiative for forex market risk management: Das

    December 8, 2023

    Foreign Exchange Market size to increase by USD 516.48 billion between 2023 to 2028| Increasing market liquidity to drive the market growth

    December 7, 2023

    Travelex launches more than 75 international foreign exchange services

    December 6, 2023

    Myanmar central bank to no longer set forex rates

    December 6, 2023

    FOREX-Dollar steady after key jobs data comes in below estimates

    December 5, 2023
  • Cryptocurrency

    BBVA migrates crypto custody service to Ripple-owned Metaco’s Harmonize

    December 8, 2023

    Robinhood Stock Breaks Out After Surge In Bitcoin, Cryptocurrencies

    December 7, 2023

    Ocean mining pool refutes claims of censoring certain Bitcoin transactions

    December 7, 2023

    U.S. Indexes Finish Lower after Late Reverse

    December 6, 2023

    Bitcoin is up 170% since the ECB called its ‘last gasp’ at $16.4K

    December 6, 2023
The Finvest
Home»Forex»US Dollar on Breakdown Watch
Forex

US Dollar on Breakdown Watch

finvestadminBy finvestadminNovember 19, 2023No Comments6 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
USD_DXY_forex.jpg
Share
Facebook Twitter LinkedIn Pinterest Email

US dollar forecast – EUR/USD, USD/JPY, GBP/USD, AUD/USD

  • of USDThe bearish correction may have room to advance further in the coming days and weeks.
  • Lower US Treasury yields will be a headwind for the US currency
  • In this article: euro/usd, USD/JPY, GBP/USD and Australian dollar/US dollaranalyzes the dynamics of price movements and important levels that FX traders should pay attention to.

Most read: USD outlook unstable as yield tank – EUR/USD, GBP/USD, AUD/USD settings

The US dollar, as measured by the DXY index, depreciated by nearly 2.75% in November. Losses have gathered momentum and accelerated over the past few sessions after lower-than-expected U.S. inflation and disappointing initial jobless claims numbers, pushing the broader U.S. dollar lower than in early September. pushed up to its lowest level.

Weaker price pressures and a slowing labor market have all but eliminated the possibility of further FOMC tightening, weakening the argument for keeping interest rates high for the long term. Against this backdrop, U.S. Treasury yields have fallen significantly this month, with the 10-year Treasury yield trading at around 4.45%, compared to 4.95% at the end of October.

The downward trend in bond yields is unlikely to end anytime soon. With the effects of past Fed rate hikes continuing to spill over into the real economy and oil prices at multi-month lows, business activity is expected to further cool, and inflation will fall faster than expected, putting pressure on the U.S. Treasury curve. It seems like it will take a while. This, in turn, should weigh on the US currency going forward.

Future information would need to confirm weaker growth and further inflation on the way to give us more confidence in the bearish outlook for the US dollar. There are no major announcements next week, but durable goods data for October could garner some attention. A weak number would be problematic for the USD, while a strong result would have the opposite effect.

Will the US dollar turn around and rise, or will the downward correction widen? Get all the answers with our Q4 forecast. Request your free copy today.

Recommended by Diego Coleman

Get Free USD Forecast

Upcoming US economic announcements

sauce: DailyFX Economic Calendar

For an extensive analysis of EURFor medium-term outlook, download our fourth quarter technical and fundamental forecasts. Trading guide is free!

Recommended by Diego Coleman

Get free euro predictions

EUR/USD Forecast – Technical Analysis

EUR/USD rose towards the end of the week, clearing resistance around the 1.0900 handle. If this breakout holds in the coming trading sessions, the price is likely to move higher and set the stage for the 61.8% Fibonacci retracement of the July-October downward correction at 1.0960. If it is even stronger, the focus will shift to the 1.1070 area.

On the other hand, if market control shifts to the sellers and the pair turns down, support levels will appear at 1.0900, then 1.0840, and then 1.0765. A clear breach of these technical thresholds could accelerate the bearish momentum and set the stage for a fall towards 1.0650. If the weakness continues, the risk of revisiting trendline support at 1.0575 will increase.

EUR/USD technical chart

EUR/USD chart created using TradingView

Curious to know how retail positioning can shape the near-term trajectory of USD/JPY? Our sentiment guide explains the role of crowd psychology in the Forex market.? Get the guide now!

change

long

shorts

OI

every day 15% -8% -Four%
weekly 18% -18% -13%

What does that mean for price action?

get my guide

Technical analysis of USD/JPY

USD/JPY sold off on Friday and fell towards the 50-day simple moving average, currently sitting just above the 149.00 mark. If the price moves below this technically important area in the coming days, losses could accelerate and open the door to a pullback to 147.25. Below this floor, the next potential support lies at the 100-day simple moving average.

On the other hand, if USD/JPY resumes its rise, overhead resistance is located at 150.90, followed by 152.00. If this ceiling is threatened, Japan could intervene to support the yen. However, absent currency intervention, the price could breakout and rise towards 152.65. Further gains could push it towards the upper end of the medium-term ascending channel at 153.50.

USD/JPY technical chart

USD/JPY chart created using TradingView

Uncover expert strategies and helpful tips. Download “Transaction Method” GBP/USD” A guide to gaining an advantage in the FX market

Recommended by Diego Coleman

How to trade GBP/USD

GBP/USD Forecast – Technical Analysis

GBP/USD rose on Friday, breaking above the 200-day simple moving average and the Fibonacci resistance at 1.2461. If cable manages to move higher next week, the 100-day SMA will act as a first line of defense against further progress. However, above this ceiling, the price could rise towards 1.2590. This represents a 50% financial retracement of the July and October declines.

On the contrary, if the sellers regain the upper hand in the forex market and decisively push the exchange rate below the 200-day SMA, the currency pair could inch towards the 1.2320 mark. GBP/USD may bottom in this region before attempting a reversal. However, a breakdown scenario could cause the price to move towards the 50-day SMA and 1.2200 thereafter.

GBP/USD technical chart

GBP/USD chart created using TradingView

If you’re wondering what’s in store for you, australian dollar Get your free copy of the Australian Fundamental and Technical Trading Guide in the coming months.

Recommended by Diego Coleman

Get your free AUD forecast

AUD/USD Forecast – Technical Analysis

After a subdued performance on Thursday, AUD/USD rallied into the weekend, breaking above the 100-day simple moving average and pushing towards the overhead resistance near 0.6525. With bullish momentum on its side and sentiment on the mend, the pair could break out on the upside in the coming trading sessions and set itself up for a possible rally towards the 0.6600 handle.

If the sellers return and the price falls below the 100-SMA, we could see a retracement towards 0.6460. For the bulls, it is most important to protect this floor well. Failure to do so could lead to renewed downward pressure and a fall towards 0.6395. If it weakens further, a retest of the 0.6350 area could become a reality.

AUD/USD technical chart

AUD/USD chart created using TradingView

Breakdown Dollar WATCH
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleRipple’s James Wallis underscores CBDCs’ role in breaking financial barriers
Next Article Ramit Sethi’s advice to a couple with $30,000 in credit card debt
finvestadmin
  • Website

Related Posts

Master Direction part of Initiative for forex market risk management: Das

December 8, 2023

Foreign Exchange Market size to increase by USD 516.48 billion between 2023 to 2028| Increasing market liquidity to drive the market growth

December 7, 2023

Travelex launches more than 75 international foreign exchange services

December 6, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Dow Jones Futures Fall: AI Stock Goes Vertical With Earnings Due; Tesla Near Buy Point

May 31, 2023

FOREX-Euro, pound set for biggest weekly gains since July, U.S. payrolls loom

November 3, 2023

Ray Dalio thinks the U.S. is courting a debt crisis. Are regulators moving fast enough to avert it?

October 12, 2023

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

At The Finvest, we are passionate about providing our readers with up-to-date and accurate information on the world of finance. Our team of experienced journalists and finance experts works tirelessly to bring you the latest news, insights, and analysis on the global financial markets.

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Zimbabwe Digital Currency | World News

April 28, 2023

Zhenro Properties Makes Progress on Debt Restructuring

November 2, 2023

Zero-waste packaging market to climb to nearly $2.5 billion by 2033

October 15, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 The Finvest. All Rights Reserved
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy
  • Disclaimer

Type above and press Enter to search. Press Esc to cancel.

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

The Finvest
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.