Wednesday, May 17, 2017

The Euro is making new highs as Dollar is loosing ground

Dollar declined against the Euro in the last eight days and the trend seems to continue this morning as well. The Euro was the biggest beneficiary of the USD weakness. It has broken the 1.1100 level in the Asian session. The next strong resistance is around 1.1500.

The Pound is range-bound between 1.2850 and 1.3000.

AUD retraced the 0.7450 level.

Kiwi is still struggling near the 0.6850 major resistance,

JPY is nearing the 112.00 major resistance,

CAD is also at a major resistance around 1.3600. The oil rally helped the loonie, but given the Dollar overall weakness and the oil rally in the last few days the technical picture doesn't seem to be very impressive for the bears.

SGD is also nearing major resistance.

It seems it is just too many resistances now that might suggest a potential USD correction.

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