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


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US DOLLAR TALKING POINTS:

  • The US Dollar has dropped by as much as 3.3% from the high that was set last Wednesday and many are asking if the USD has topped.
  • Given how aggressively overbought the greenback had become, this retracement looks to be a correction in the trend with no evidence yet of anything larger. However – price is approaching some major supports and performance around those levels will be key for determining near-term strategy.
  • Of particular importance is the fact that the US Dollar is a composite of global currencies so the bigger question is when sell-offs in EUR/USD or GBP/USD might return and, in a related item, how will USD/JPY hold up with the pair pegged to the 145 level thought to be the line-in-the-sand for Japan’s Ministry of Finance?

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

Oct 4, 2022 | Full article on DailyFX
James Stanley, Senior Strategist

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