US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, USD/JPY

[MongiIG]

US DOLLAR TALKING POINTS:

• The US Dollar has jumped to a fresh 19-year-high, helped along by a plunging EUR/USD was has set its own 19-year low.
• This move of USD-strength to start the holiday-shortened week is broad-based, with USD strength showing prominently against the Pound, Aussie and Yen.
• The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
• Quarterly forecasts have just been released from DailyFX and I wrote the technical portion of the US Dollar forecast. To get the full write-up, click on the link below.

The US Dollar is starting Q3 the way that it’s traded for most of the first-half of the year, showing strength as both fundamentals and techs continue to favor the USD. The currency now sits at a fresh 19-year-high, coming very close to the Fibonacci level at 106.61. As I had looked at on the final day of Q2, EUR/USD was going to be a big driver behind the US Dollar this quarter as the Euro had continued to push down for support tests at the 1.0340 area, giving appearance of breakdown potential that’s already come to fruition just a couple days into Q3 trade.

Full analysis on DailyFX

Jul 5, 2022 
James Stanley, Senior Strategist

[MongiIG]

Q3 Price Action Themes in USD, EUR/USD, USD/JPY and US Equities