February 1, 2023

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Dollar keeps more vulnerable to start the new week

1 min read

The dollar is under pressure technically across multiple pairs

After the NFP miss on Friday, the dollar was sold off and despite the bond market having second thoughts about the data blip, the greenback failed to recover and is staying pressured as we get things going in European trading today.

EUR/USD is holding a break above its broken key trendline resistance for the year as it targets 1.2200 as price holds at its highest levels since February:

EUR/USD D1 10-05

GBP/USD is extending gains on a breakout above 1.4000 today after several failed attempts to break the figure level previously:

GBP/USD D1 10-05

USD/CAD is extending its push to the downside as sellers target the September 2017 lows:

USD/CAD D1 10-05

AUD/USD is also looking poised for a stronger push above 0.7800 as buyers will try to keep above the 18 March high @ 0.7849 to look at 0.8000:

AUD/USD D1 10-05

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