This week saw some trend lines broken and forex charts turning in favour of USD. The biggest losers were the euro and pound giving up a few hundred pips each in the last two days. The two other safe haven currencies CHF and JPY hardly suffered while the two commodity currencies AUD and CAD are stubbornly defending one month old support lines. Support is support until it’s broken so this trader won’t be jumping on the USD bandwagon just yet.
Commodity prices are supporting AUD and CAD, and commodity prices are supported by a weak USD, so what should we conclude? Maybe I should be charting commodities instead. $:))
Here are charts of the six main USD pairs with comments on the charts.
[right click on charts to open in new tab]