Asian Open Dollar Higher on Fed Hawk Banter Equities Lower
Data released overnight is unlikely to deter the Fed from making any last-minute alterations at Jackson Hole, whilst Fed hawks used the eve of the speech to reiterate their views.
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City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for five major currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD.
The focus is on technical price trends and major support and resistance levels.
EUR/USD has continued to break down and is poised to hit major support at 1.0800.
GBP/USD remains near its recent long-term low under 1.4000, and could continue to fall towards new multi-year lows.
USD/JPY has been in consolidation since its recent plunges, but could fall further on any return of stock market volatility.
AUD/USD has risen steadily from its lows since mid-January, but may be setting up for a breakdown to continue its long-term bearish trend.
USD/CAD has continued to drop on increased stability in crude oil prices, but could be poised for a turn back to the upside on any resumption of oil market volatility.
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