Friday’s US jobs report finally offered the much-needed bounce to the USDCAD pair. However, the Canadian employment numbers and Bank of Canada (BoC) Governor Tiff Macklem’s speech makes the current week all the more important for the Loonie pair traders. Also making the quote interesting is the latest piercing of the 1.3430 resistance confluence, comprising the...
Be it New Zealand’s quarterly jobs report or China’s return after Lunar New Year (LNY) holidays, not to forget the Federal Reserve’s monetary policy meeting, NZDUSD has an interesting week ahead. However, the bulls appear running out of steam after a four-week winning streak. The reason could be linked to the overbought RSI and multiple attempts to cross the...
Better-than-expected US growth numbers triggered the much-awaited pullback in the EURUSD prices from the eight-month high. The retreat, however, stays inside a two-month-long ascending trend channel, which in turn suggests less incentive for the bears. Even so, the previous weekly low surrounding 1.0765 and December’s peak of 1.0736 could lure short-term sellers....
USDCAD sellers hold the reins for the sixth consecutive week so far as traders await the Bank of Canada (BoC) interest rate decision on Wednesday. That said, the BoC’s likely 0.25% rate hike is expected to join the bearish MACD signals and favor the pair bears. However, a convergence of an upward-sloping trend line from June 2022 and a 50% Fibonacci retracement of...
Even if the USDJPY pair posted the biggest weekly gains in seven in the last, it remains inside a bearish channel. Additionally keeping the Yen pair sellers hopeful is the quote’s repeated failures to cross the 100-SMA. That said, the quote currently drops towards a one-week-old support line, close to 128.00. However, the May 2022 low will join the lower line of a...
A two-month-old ascending trend channel backs the EURUSD pair’s upside bias, despite multiple failures to cross the 1.0880 horizontal hurdle in the last week. That said, the 50-SMA and the 100-SMA restrict immediate downside around 1.0790 and 1.0700 respectively. Following that, the stated bullish channel could be at the test and hence the 1.0575 support will gain...
GBPUSD retreats from a one-month-old broad resistance area surrounding 1.2210-40 as the Cable traders brace for the UK data dump on Friday. The quote’s sustained trading beyond the convergence of the 50-SMA and 100-SMA, around 1.2070-65 at the latest, joins upbeat oscillators to keep the pair buyers hopeful of overcoming the key horizontal resistance zone....
EURUSD grinds higher around the seven-month top inside a rising megaphone chart pattern on the daily formation. In addition to the bullish chart pattern, the upbeat RSI and bullish MACD signals also keep buyers hopeful. That said, May 2022’s peak surrounding 1.0786 and 1.0800 are likely immediate targets for the bulls. However, the 78.6% Fibonacci retracement...
USDCAD holds onto the late December downside break of the seven-week-old ascending support line, even if the 200-SMA challenges the bears. That said, the downbeat MACD and RSI conditions also favor the Loonie pair sellers as they attack the key SMA surrounding 1.3520. Additionally challenging the bears is the double bottoms marked around 1.3485-80 during the last...
EURUSD retreats inside a six-week-old bullish channel as the holiday season allows buyers to take a breather. The pullback move, however, stays unimportant beyond the 1.0590-80 support zone comprising the 100-SMA and an upward-sloping trend line stretched from December 01. Even so, the stated channel’s support line, close to 1.0500 by the press time, will...
USDJPY consolidates the biggest daily loss in 14 years while positing a gradual rebound from the 78.6% Fibonacci retracement level of its May-October upside. The recovery moves also gain support from the RSI’s bounce off the oversold territory. However, the early month low near 133.65 challenges the immediate upside, a break of which could validation the Yen...
GBPUSD fades upside momentum after reversing from the 61.8% Fibonacci retracement level of January-September downside, despite the latest rebound. A pullback in the RSI and receding strength of the bullish MACD signals also backs the broad retreat in prices. However, a convergence of the 200-DMA and three-month-old ascending trend line, near 1.2080, challenges the...
USDCAD portrays a bearish triangle formation after multiple rejections from the 1.3700 threshold. The sellers, however, await a clear downside break of the stated formation’s support, near 1.3590 by the press time, as well as the Bank of Canada inflation data. A clear break of the stated 1.3590 support, backed by upbeat BOC CPI, could quickly drag the quote to the...
USDJPY is likely to end 2022 on a negative note, despite bracing for the biggest yearly run-up since 2013. However, the Yen pair portrays a bearish chart pattern, a bear flag on the four-hour play as traders keep their eyes on the Bank of Japan (BOJ). Given the downbeat oscillators and hawkish expectations from the BOJ, the bearish chart formation amplifies the...
A clear break of the monthly bullish channel welcomed AUDUSD buyers the last week despite the quote’s hesitance to break the 200-SMA. That said, bearish MACD signals add strength to the downside bias suggesting an imminent fall to the November 08 swing high surrounding 0.6550, given the successful break of the 200-SMA level of 0.6660. Following that, the 78.6%...
Be it a one-month-old rising wedge or the overbought RSI conditions, GBPUSD shows it all to suggest that the bull’s reign is near to end. However, a sustained trading below the 1.2330 support, comprising the lower line of the aforementioned rising wedge bearish chart pattern, becomes necessary for the seller’s entry. Even so, the 200-DMA level surrounding 1.2100...
USDCAD grabbed the bull’s attention ever since it crossed a two-month-old descending resistance line, now support around 1.3500. The upside bias also takes clues from the firmer RSI and MACD. However, the 61.8% Fibonacci retracement level of the pair’s October-November downside, near 1.3695, appears a tough nut to crack for buyers. Also acting as an upside filter...
USDJPY fades bounce off the 200-DMA as it failed to cross the previous support line from late May. However, nearly oversold RSI challenges the sellers and hence a short-term consolidation between the 200-DMA and the support-turned-resistance line, respectively around 135.00 and 138.00, can’t be ruled out. Even if the quote rises past the 138.00 round figure, the...
