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22.01.2021: USD halts decline: outlook for USDX, USD/JPY, AUD/USD

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Optimism about Joe Biden’s inauguration is waning. So, investors are again voicing concerns over the epidemiological situation in the world. China has already tightened restrictive measures and placed up to 22 million people under quarantine. What is more, in Europe, there are doubts that Biden will be able to distribute 100 million vaccine doses in the first 100 days in office.

So, the US dollar index, which measures the strength of the greenback against a basket of six major currencies, is stuck at the level of 90.10 where it entered the consolidation phase. It is highly likely to finish the week at this level. Curiously enough, this was the worst week for the US dollar this year. Of course, the year has just begun but at the end of the week, the index sank by 0.7%.

Investors turned bearish on the US currency after the release of US jobless claims data. The reading was slightly better yet the number of initial jobless claims was higher than 900,000. The number of continuing jobless claims is also higher than the psychological level of 5 million.

The epidemiological situation in Japan is alarming. The country has re-imposed a state of emergency. Besides, the recent report showed the sharpest decline in consumer prices since April 2010. The dollar/yen pair rebounded aiming at the level of 104.18. However, it needs to break through the important resistance level of 103.85.

The Australian dollar has followed the trajectory predicted by our technical analysis experts. It reversed around 0.7770. The nearest bearish target is the level of 0.7641. If the pair consolidates below this level, it may well decrease to 0.7641.

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