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The US Dollar surged against most of its major peers this past week, placing it in a position for further gains. What are key levels to watch for EUR/USD, GBP/USD, AUD/USD and USD/JPY?
The US Dollar (via the DXY Index) has once again rebounded from rising trendline support from the May 2021 and January 2022 swing lows.
The US Dollar (via the DXY Index) broke its 2021 high and moved up to its highest level since July 2020 following the January Federal Reserve meeting.
The Australian Dollar finished a relatively flat week against its major peers. AUD/USD, AUD/CAD and EUR/AUD were unable to break support. AUD/JPY managed to break down, however.
The DXY Index’s rebound at a critical support region suggests that the worst of the sell-off may have been completed.