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...
EURUSD bears take a breather after refreshing the 20-year low the previous day. The corrective pullback, however, takes place at the lower end of the nearly four-month-old bearish channel. The rebound also gains support from oversold RSI and that too is ahead of the key US CPI data. Hence, sellers need caution and look for a clear upside break of the 78.6%...
GBPUSD braces for further upside until staying beyond the 100-SMA and a three-week-old horizontal resistance, now support 1.2400. That said, the 38.2% Fibonacci retracement (Fibo.) of the pair’s downside from late April to the recent lows, around 1.2515, appears short-term target for the bulls. Following that, the 1.2600 threshold and the monthly peak surrounding...
Not only a downside break of the monthly bullish channel but sustained trading beneath the 100-SMA also keeps USDCAD sellers hopeful ahead of Canada’s Consumer Price Index (CPI) data on Wednesday. Adding strength to the bearish bias is the downward sloping RSI (14) since the last week. That said, the 1.2800 appears immediate support for the quote ahead of...
A one-month-old horizontal area probes EURUSD bears amid oversold RSI conditions, portraying a corrective pullback towards the late March low near 1.0945. However, a convergence of the 50-SMA and 100-SMA, as well as bearish MACD signals, can challenge sellers afterward. In a case where the SMA confluence fails to stop buyers, 1.1120 and the last monthly peak...
Despite refreshing a 10-month high the previous day, AUDUSD failed to provide a daily closing beyond the monthly resistance line, around 0.7600 by the press time. The resultant pullback moves currently battle October 2021 high while teasing the bears. That said, overbought RSI conditions add strength to the latest retreat, which in turn suggests the quote’s...
EURUSD keeps pullback from 50-SMA to kick-starts the key week comprising preliminary PMIs for February, as well as the second readings of US Q4 GDP. Recently keeping sellers hopeful is Friday’s downside break of a short-term support line, now resistance around 1.1335. Despite the latest corrective pullback, the below 50 RSI and bearish MACD signals, the quote is...
AUDUSD marked a notable U-turn from the 50-DMA by the end of the key week. As RSI and MACD conditions back the recent weakness, another south-run towards breaking the 0.7000 psychological magnet can’t be ruled out. However, a convergence of the downward sloping trend line from August and 61.8% FE level of June 2021 and January 2022 moves, near 0.6920, become...
EURUSD extends bounce off a 19-month low, also comprising 61.8% Fibonacci Expansion (FE) of late September 2021 to early January 2022 moves, as traders await European Central Bank (ECB) monetary policy decision. With the recently high inflation and record low Unemployment Rate in Eurozone, the policy hawks are likely to dominate, which in turn could propel the...
AUDUSD bulls stay hopeful as the Reserve Bank of Australia (RBA) ends QE, despite posting initial losses due to rejection of the immediate rate hike concerns. The upside momentum ignores recently cautious RBA Governor Philip Lowe’s comments while staying above a three-week-old descending resistance line, near 0.7115. That said, the 50-DMA level around 0.7170 acts...
EURUSD bears cheer a clear downside break of a two-month-old ascending trend line, as well as sustained trading below 50-DMA, to brace for 2021 bottom surrounding 1.1185. The MACD and RSI both support the bearish bias. However, the pair’s declines past 1.1185 have a bumpy road as March 2020 swing high near 1.1150 and 61.8% Fibonacci Expansion (FE) of late...
USDJPY extends pullback from a four-year high, recently failed to keep the bounce off 113.50, amid downbeat MACD and RSI. That said, the yen pair’s further downside will poke the 100-DMA level of 113.25 but the previous resistance line from March 2021, around 112.80, could challenge the bears afterward. It should be noted, however, that a clear downside break of...
EURUSD remains on the back foot so far during the current week, heading into the key ECB Monetary Policy Meeting Accounts. That said, the 200-SMA and an ascending trend line from November 24, respectively around 1.1320 and 1.1300, restrict the immediate downside of the major currency pair. Should the sellers manage to conquer the 1.1300 support, 1.1230 may offer...
Having reversed from 50-DMA, EURUSD dropped beneath the 20-DMA and made seller’s way clear for a battle with a six-week-old support line, around 1.1260. However, cautious sentiment ahead of the key data/events tests the pair’s further downside. Even so, bearish MACD signals and a steady RSI line keep sellers hopeful to revisit the 2021 bottom surrounding 1.1185....
USDCAD bears are yet to provide a convincing sign of return despite Friday’s heavy fall. The 100-DMA, surrounding 1.2620, acts as an immediate hurdle to get more sellers on the board. However, the 200-DMA and an ascending support line from May, respectively around 1.2500 and 1.2420, become crucial challenges for the pair bears. Should USDCAD drop below 1.2420,...
Alike other major currencies, the broad US dollar strength could be well witnessed on the EURUSD chart that prints the lowest level since July 2020. In doing so, the quote slips below the 61.8% Fibonacci retracement of March 2020 to January 2021 upside, around 1.1300, which in turn joins the bearish MACD signals to keep sellers hopeful. However, oversold RSI...
With downbeat UK inflation figures pouring cold water on the face of BOE hawks, GBPUSD eases from 100-DMA, consolidating the previous day’s gains below 1.3800. For now, the 1.3700 mark, comprising multiple levels marked since late September, question the pair’s further weakness. Also acting as a downside filter is the ascending support line from September 30, near...
EURUSD remains pressured around the yearly lows as the pair traders await July month Consumer Price Index (CPI) data from the US. The major currency pair dropped to the lowest since March the previous day while declining for the eighth consecutive day. However, a downward sloping trend line from July 07, around 1.1700, restricts the quote’s immediate losses....