Trade ideas thread – European session 13 July 2023

<p>Well, the dollar looks to have finally broken and that is setting up some interesting technicals all across the board now. I'll go into more details in the session ahead but as summarised earlier, here's the overview:</p><ul><li>EUR/USD breaks above April to May highs to highest levels since March 2022, eyes 200-week moving average at 1.1181 as well as the 1.1200 handle next</li><li>USD/JPY extends fall below 140.00 as the climb down continues, sellers taking a look at the 100 and 200-day moving averages at 136.97-10 next</li><li>GBP/USD tests waters above 1.3000 currently, hoping for an extended upside break above the figure level with little in terms of key resistance after</li><li>USD/CHF tumbles to its lowest since January 2015 after a break below its 2021 lows under 0.8800 and there is not much technical support on the charts now</li><li>AUD/USD solidifies break above key resistance from its 100 and 200-day moving averages, looks to chase a move back towards the June high near 0.6900 again</li><li>NZD/USD clears its own June high in push back above 0.6300, buyers eyeing the key resistance region around 0.6379-89 next – which stopped the April and May climbs</li></ul><p>It's certainly not looking good for the greenback at the moment to say the least. Meanwhile, yen pairs have also been on a run lower but that is somewhat halting a little so far today. A bit of a breather before the continued correction?</p><p>Elsewhere, gold has also climbed back up above its 100-day moving average in a push to $1,957 now with WTI crude also starting to go on approach to its 200-day moving average at $77.20. Silver also managed a break above its own 100-day moving average as it looks to come up for air above $24 currently.</p><p>What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.</p>

This article was written by Justin Low at www.forexlive.com.