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Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 28 June 2017 at 3:49 GMT

Chart Bites: EURUSD breaks above uptrend channel, thanks to ECB

Trader / Saxo Capital Markets Pte Ltd
Singapore
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  • EURUSD has now broken above its uptrend channel on a more hawkish ECB.
  • Following the "fat Finger" incident, gold appears to be making a comeback 
  • USDJPY gains may be capped by trendline resistance

By Edmund Liu

The $&P500 has now broken below its rising wedge. The price target for this break is 2,400.

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EURUSD gains ground


The EURUSD has now broken above its uptrend channel on a more hawkish ECB. The upper resistance line of the uptrend channel now becomes a support for buying into the rally.

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Following the “death cross“ we had on the DXY last week, the US dollar index has now moved lower as predicted by the technicals.

The focus is now on the 9 November 2016 (Trump victory) low of 95.9.

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Gold makes a comeback

Following the "fat finger" incident for gold on Monday 26 June, the precious metal appears to be making a comeback, as it continues to bounce off its 200 day moving average:

EURGBP breaks out of triangle

EURGBP continues to break out of its triangle on the weekly charts, possibly a candidate for a long term buy.

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USDJPY makes gains

USDJPY has now broken above the Ichimoko clouds, but gains may be capped by trendline resistance.

Stochastics are overbought indicating possible downside momentum ahead:
 
USDJPY chart
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Possible AUDNZD upside

AUDNZD indicating bullish divergence on the RSI indicator, while MACD indicates upside momentum.

GBPUSD
trend

GBPUSD has reclaimed the 1.27 inverse head and shoulders neckline, as the MACD has a bullish crossover today.

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USDCAD breaks below support

After rejecting the 200 day moving average, USDCAD is now breaking below multi-year trendline support, while the weekly charts indicate the next level of support at 1.28.
 
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Crude oil front month futures

Support line from the descending broadening wedge pattern for crude appears to be holding up.

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Source: all charts SaxoTrader. Create your own charts with SaxoTrader; click here to learn more

-- Edited by Robert Ryan

Edmund Liu is a trader on TradingFloor.com.

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