It’s been a choppy week for the dollar, what are the key levels to watch?

If I had to describe it, I would say that the dollar is still on the edge and while some technical levels are tight, they will not be broken as we look ahead to next week’s Fed earnings. But even before the end of the week and the end of the month, as we trade at the beginning of next week, it is best to note some key technical developments. Let’s get straight to the point. EUR/USD EUR/USD is chasing for the third week in a row, but buyers are finding it difficult to push firmly above 1.0900 for now. Just above that is the 2021 50.0 Fib high level at 1.09 2, and next to 1.1000 remains an important level to watch from here. GBPSD GBP/USD is holding slightly lower below 1.2 00 today, but sellers are holding the price below last week’s December high of 1.2 3- 6, which is currently the key level to watch. This now makes it two revisions as the dollar remains on the edge of the EUR/USD chart above, although the top is more evident. AUDUSD Then we have AUD/USD, which rallied strongly in January, breaking above the 200-day moving average (blue line) and then 0.7000 earlier this week. This adds to the momentum of the buyers, but the latest rally now appears to have stalled at the August high of 0.7125-36. This is the first technical resistance before we next look at the May and June highs at 0.7265-83. I count that as a half dollar check. NZDUSD NZD/USD will be a challenge this week as the Kiwi can’t quite hang with the Aussie. The pair has been hovering around 0.6500 since December and has also made a few attempts to break lower this week. It is still a key level of play and I would put the dollar in one check as it continues weekly against the major currencies. USDCAD Next up is USD/CAD, whose 100-day moving average (red line) was rejected last week, and while the BOC has deviated since the latest rate cut, technical momentum remains with the buyer. until now. However, the pair is still very much stuck between the 100-day moving average resistance and support below the November low at 1.3225-35, and the 200-day moving average (blue line) is also near 1.3205. This defines the technical range of the pair at the moment. And then we have USD/JPY, which is holding just below 130.00 today, but continues to trade mainly downtrend as noted here before.

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