FX168 Financial News Agency (North America) News On Thursday (March 7), although inflation fell faster than expected, the European Central Bank still maintained high borrowing costs. After the European Central Bank decided to keep interest rates unchanged, the euro/dollar hit a six-week high. . The yen posted its biggest gain against the dollar this year as speculation mounted that the Bank of Japan could soon raise interest rates.

Technical analyst James Hyerczyk recently wrote an article on the trends of major currencies, and conducted a forward-looking analysis of the U.S. dollar index, EUR/USD, GBP/USD, and USD/JPY, and the market outlook. The following are the main points of the article:

Dollar

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(USD Index 4-hour trend chart source: TradingView)

Sellers continue to hammer the U.S. Dollar Index after falling to the weak side of the 50-day moving average at 103.429. The next target is 102.853. We may see a technical rebound on the first test of this level, but this is also the trigger point for an acceleration to the downside.

EUR/USD

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(EUR/USD 4-hour chart source: TradingView)

After a volatile trading day on Thursday, EUR/USD is poised to break higher, with 1.0932 the next potential trigger to accelerate the move higher. If this move creates enough upward momentum, we could see the price surge towards the next resistance level at 110.00.

GBP/USD

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(GBP/USD 4-hour chart source: TradingView)

Sterling also rose sharply after breaking above its 50-day moving average earlier this week, boosted by the prospect of a rate cut by the Federal Reserve in June. The current upward move could allow investors to target the major top of December 28 last year at 1.2827.

USD/CAD

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(USD/CAD 4-hour chart source: TradingView)

USD/CAD is under pressure for the second session. The Canadian dollar is currently trading above the 200-day moving average at 1.3478, with the 50-day moving average at 1.3458 being the next potential downside target. This area may provide temporary support, but if it fails, the market may continue towards the late January bottom at 1.3358.

USD/JPY

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(USD/JPY 4-hour chart source: TradingView)

USD/JPY fell sharply lower on Thursday. However, the selling pressure appears to be stalling as the FX pair tests the 50-day moving average at 147.806. Given the downside momentum, this move may be temporary, with the next target being the 200-day moving average at 146.117. ]]>