Trade ideas thread – European session 25 May 2023 | Forexlive

And so dollar bulls finally got the much needed break this week, as some hawkish Fedspeak yesterday and another drop in equities validated the technical developments from last week. Adding to that now is further breaks lower in AUD/USD and NZD/USD, alongside a trendline break higher in USD/CAD.

Here’s where we stand now for dollar pairs:

• EUR/USD dribbles lower, building on the fall below 1.0800 and its 100-day moving average
• USD/JPY moves closer towards a test of the 140.00 mark
• GBP/USD contests support from the 10 April low at 1.2344, 100-day moving average in sight
• USD/CHF looks to catch a bounce back to 100-day moving average at 0.9136
• USD/CAD breaks trendline resistance from March and April highs, latter seen at 1.3667
• AUD/USD falls to fresh lows of the year, targets 0.6500 next
• NZD/USD also falls to the year’s lows, threatening a break under 0.6100

Adding to that, gold is also testing the lows from last week around $1,952-54 with eyes on the 100-day moving average at $1,934 potentially.

Elsewhere, the S&P 500 is running back towards a test of 4,100 with the Dow now testing support from its 200-day moving average as equities come under pressure as well.

There is plenty to work with now as dollar and risk sentiment act up as key drivers in markets at the moment.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.

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• Source: https://www.forexlive.com/news/trade-ideas-thread-european-session-25-may-2023-20230525/