It was a dull start to the trading week for G10 currencies.

Other than the flicker of action witnessed on the Norwegian Krone and New Zealand Dollar, it pretty much felt like watching paint dry on a rainy day.

After looking at the paltry intraday gains (below), we decided to identify potential technical setups in the week ahead.

As of writing,

One thing that’s strikes out is the fact that all currencies in the G10 space have appreciated against the greenback today.

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The not so mighty dollar remains pressured by inflation fears and is struggling to push back above the psychological 90.00 level. Sustained weakness below this point could open the doors towards 89.30.

EURUSD breakout on the horizon?

We see a classic breakout setup forming on the EURUSD.

Support can be found at 1.2170 and resistance around 1.2240. A solid breakout and daily close above 1.2240 could signal a move towards 1.2300. Alternatively, a decline below 1.2170 could pave a path towards 1.2060.

GBPUSD gearing up for a push higher?

It’s safe to say that the GBPUSD is firmly bullish on the daily charts.

There have been consistently higher highs and higher lows while the MACD trades above zero. Should 1.4100 prove to be reliable support, this could provide a platform for bulls to conquer the 1.4200 resistance level. A solid daily close above this point could pry open the doors towards 1.4240 and levels not seen since April 2018 at 1.4300.

One thing to keep in mind is the fact the Relative Strength Index (RSI) is slowly approaching overbought territory. This may instil bears with fresh inspiration if 1.4100 proves to be unreliable support.

USDNOK knocks on 8.3850’s door

If one word could be used to describe the USDNOK’s movements over the past few weeks, the best fit would be choppy.

We can see strong resistance around 8.3850 and support at 8.1700. A decisive breakout and daily close above 8.3850 could result in a move towards 8.4700.  Prices are likely to drift lower if 8.3850 proves to be reliable resistance.

USDJPY below 50-day SMA

Prices are trading below the 50-day Simple Moving Average while the MACD is in the process of crossing to the downside. Bears need to secure a solid daily close below 108.30 to encourage a decline towards 107.67. A rebound from the 108.30 level could inject bulls with enough confidence to elevate prices back towards 109.30.

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