24 January 2018 at 14:20 GMT
- USD taking fire on all fronts
- Sterling accelerating again
- AUDUSD on a run
The dollar continues to roll over after Secretary of the Treasury Mnuchin said that a weak greenback benefits US trade. Photo: Shutterstock
By John J Hardy
Notes of interest for the major pairs are below. Also, please see the full FX Board PDF attached for the latest trend heat and momentum readings.
- EURUSD: Weak USD doing most of the work here as ECB up tomorrow and holding back euro elsewhere; next target 1.2500 if Draghi unable to handcuff EUR.
- USDJPY: Path to 108-107.50 opened up on this break below 110.00-25, which is now resistance.
- EURJPY: Interesting test for this pair tomorrow on current JPY surge and Draghi press conference tomorrow.
- EURGBP: Strong UK data and ECB holding back euro puts 0.8700 range low under pressure, break opens for 0.83.
- GBPUSD: Price action has accelerated again... looking too steep soon, but have to respect price action.
- GBPJPY: Sterling managing to outperform a strong JPY today - upside focus if 153.00-50 maintained.
- EURCHF: Looking heavy within channel, will depend on spin-post ECB on Thursday; 1.1700 looks important.
- USDCHF: Very heavy after recent bounce attempt failed badly. Little range remaining below into 0.9420.
- AUDUSD: Astounding persistence in rallying; no signs of faltering and eyeing highest daily close today since 2015.
- NZDUSD: Similar upside as in AUDUSD with a key test tonight for NZD crosses over the NZ Q4 CPI release.
- USDCAD: Finally joining in the general USD weakness picture, could open for 1.2100 or lower.
- EURSEK: Staying supported for now above 9.80-75 pivot zone. Resistance levels 9.87 and 9.93.
- EURNOK: ECB and Norges Bank meetings up tomorrow (Thursday). Very little bounce as 9.60 pivot zone key.
- XAUUSD: $1,350-75/oz is of massive importance for unlocking a structural further shift to upside focus.
- XAGUSD: Treacherous sell-off heavily rejected - solid close higher today shifts focus to 18.0-plus.