U.S. Dollar Loses Strength Over Major Peers

• 31 Oct 2017

AUD/USD

The AUD/USD pair is testing the 0.768 price level having bounced back from a break of the lower Bollinger band. RSI has also bounced back off the 30 support level indicating that momentum has turned more positive. A break of the 0.768 price level would confirm the uptrend.

EUR/GBP

The EUR/GBP pair has made consistent touches of lower Bollinger band in the last few trading sessions and MACD has approached and has flattened just below the zero line. With RSI approaching the 30 support level, there may be a chance of a bullish reversal in the near-term.

Impact event: Eurozone GDP data will be released at 12:00 GMT+2 and will impact all Euro pairs.

USD/JPY

The USD/JPY pair is approaching a previous resistance level at the 112.87 price level, whilst at the same time testing the 20- period EMA. A doji candle in the current trading session suggests some indecision from market participants. Momentum indicators suggest that sentiment has turned slightly more bearish. A break of the 112.87 price level would provide weight to the downtrend.

GBP/USD

The GBP/USD pair is testing both the 1.322 price level and the 20-period EMA. Momentum indicators are mixed with RSI flattening at the 50 support line and MACD flattening just below the zero line. Declining volume may suggest that buyers are losing steam and may lack the conviction to drive prices beyond the 1.322 price line.