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Moving Averages Could Signal Shift in S/T Momentum

FOREX
  • A rollover in US yields off the highs over the past few sessions has prompted a pause in the USD index’s medium-term uptrend posted off the July lows, with prices breaking below the channel base of the multi-month uptrend.
  • The USD index is softer today for a seventh consecutive session, and a negative close would mark the longest losing streak since July 2020. The recent weakness has helped trigger some technical signals across major pairs that could signal a near-term bottom and presage a corrective bounce:
  1. Both EUR/USD and GBP/USD are on track to close above the 20-day EMA for the first time since August, a level that has helped define the downtrend across both pairs.
  2. A close and firm break above these levels would confirm a positive shift in short-term momentum, opening retracement levels at 1.0643, 1.0764 in EUR/USD, and 1.2459 for GBP/USD.
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