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US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/JPY

October 5, 2021

Via: DailyFX

The US Dollar is bouncing from higher-low support today in a move that, thus far, has been extremely clean for such a forceful breakout.

Last week I highlighted the ascending triangle that had built in the USD, and with the drive remaining from the FOMC rate decision the week before, bullish breakout biases seemed optimal given the match of technical and fundamental backdrops. The ascending triangle itself is often followed with the aim of bullish breakouts, hypothesizing that the momentum that’s continued to bring in bulls at higher-lows can, eventually, lead to a break of horizontal resistance.

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