The U.S. dollar gained on Tuesday on the back of steadily rising U.S. Treasury yields, with the 2-year note coming within striking distance from overtaking the psychological 5.00% level.
Setting aside fundamental analysis, the next section of this article will center on examining the technical outlook for three U.S. dollar FX pairs:. Here, we'll dissect critical price thresholds that can act as support or resistance later this week – levels crucial for effective risk management and strategic positioning.EUR/USD continued to lose ground on Tuesday, confirming Monday's bearish breakdown and signaling potential for further weakness.
USD/JPY extended its advance on Tuesday, consolidating above 154.50 and hitting its highest point since June 1990. With buyers at the steering wheel, a potential move towards channel resistance at 155.80 may be on the horizon; however, caution is warranted given overbought market conditions and the growing possibility of FX intervention by the Japanese government.
On the other hand, if sentiment turns bullish again and GBP/USD initiates a reversal, key resistance awaits at 1.2525. Beyond this level, focus shifts to the 200-day simple moving average at 1.2580, then to 1.2650, where the 50-day simple moving average intersects with two important short-term trendlines.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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