The US dollar is accelerating its reversal from last week’s highs above 1.4100 on Wednesday, with sellers testing support near 1.4070 as a batch of delayed US data continues to give Fed dovish reasons to call for easier monetary policy.
US macroeconomic figures released on Tuesday showed weaker-than-expected consumer spending in September, while producer prices remained flat and consumer confidence deteriorated, weighed down by rising prices and deteriorating employment opportunities. The data prompted investors to increase their bets on a Federal Reserve interest rate cut in December
Technical Analysis: The bearish movement is still in control while below 1.4100
The technical picture shows the pair under increasing downward pressure after breaking the support at 1.4090. The 4-hour Relative Strength Index (RSI) stands at 47 (neutral), having retreated from previous high readings. The Moving Average Convergence Divergence (MACD) indicator is slipping below the zero line, indicating growing downside pressure.
The 38.2% Fibonacci retracement of the November 18-21 high, at 1.4069, offers nearby support, ahead of the November 20 low at 1.4040, and the 61.8% support of the aforementioned cycle, a common target for retracements, which lies just above 1.4030.
Conversely, upward attempts are likely to be challenged at the previous support level at 1.4090, which closes the way towards the November 21-25 highs between 1.4125 and 1.4135.
(Technical analysis of this story was written with the help of an artificial intelligence tool)
US dollar price today
The table below shows the percentage change in the US Dollar (USD) against the major currencies listed today. The US dollar was the strongest against the Japanese yen.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.11% | -0.09% | 0.16% | -0.14% | -0.45% | -1.03% | -0.18% | |
| euro | 0.11% | 0.02% | 0.27% | -0.03% | -0.34% | -0.92% | -0.07% | |
| GBP | 0.09% | -0.02% | 0.25% | -0.05% | -0.35% | -0.94% | -0.09% | |
| JPY | -0.16% | -0.27% | -0.25% | -0.30% | -0.60% | -1.19% | -0.33% | |
| Canadian | 0.14% | 0.03% | 0.05% | 0.30% | -0.32% | -0.90% | -0.04% | |
| Australian dollar | 0.45% | 0.34% | 0.35% | 0.60% | 0.32% | -0.59% | 0.27% | |
| New Zealand dollar | 1.03% | 0.92% | 0.94% | 1.19% | 0.90% | 0.59% | 0.86% | |
| Swiss franc | 0.18% | 0.07% | 0.09% | 0.33% | 0.04% | -0.27% | -0.86% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select USD from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
