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FOREX: Broad Greenback Weakness Extending, EURUSD Above Initial Resistance

FOREX
BulletMarketsForeign Exchange Bullets
  • The US dollar continues to trade with a bearish tone on Tuesday, as Trump's hardline approach on Iran has impacted US yields and the USD in tandem. Furthermore, broader optimism surrounding trade/tariff negotiations has boosted equities, supporting risk sensitive currencies in G10 to their best levels of the session.
  • As such, the likes of EUR and AUD are trading with around 0.40% gains on the session, while CAD leads the G10 advance, appreciating 0.69%.
  • Highlighting the broad offer for the greenback, USDCNH (0.46%) has also been extending its reversal south, briefly touching below 7.28, a dynamic that has also been solidly supporting emerging market currencies.
  • For now, EURUSD gains are considered corrective, however the powerful recovery from yesterday’s cycle lows has seen the pair breach initial resistance at 1.0350, the Jan 31 low and Monday’s high. A stronger recovery would place the focus on 1.0446, the 50-day EMA and then 1.0533, the Jan 27 high and a key resistance.
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  • The US dollar continues to trade with a bearish tone on Tuesday, as Trump's hardline approach on Iran has impacted US yields and the USD in tandem. Furthermore, broader optimism surrounding trade/tariff negotiations has boosted equities, supporting risk sensitive currencies in G10 to their best levels of the session.
  • As such, the likes of EUR and AUD are trading with around 0.40% gains on the session, while CAD leads the G10 advance, appreciating 0.69%.
  • Highlighting the broad offer for the greenback, USDCNH (0.46%) has also been extending its reversal south, briefly touching below 7.28, a dynamic that has also been solidly supporting emerging market currencies.
  • For now, EURUSD gains are considered corrective, however the powerful recovery from yesterday’s cycle lows has seen the pair breach initial resistance at 1.0350, the Jan 31 low and Monday’s high. A stronger recovery would place the focus on 1.0446, the 50-day EMA and then 1.0533, the Jan 27 high and a key resistance.