The recent poor performance of the US dollar has created a tailwind currency pair that has its own quote. Meanwhile, currency pairs that have it as their base pair are mostly taking a dive toward support levels.
EURUSD: Bullish
Since price action in the EURUSD pair broke the price resistance level at 1.0751, this market has been. Although there has been some sort of downward retracement, price action has been quick to bounce back upwards. The EURUSD has capitalized on the weakness in the US dollar. The last price candle here has further pushed prices toward the 1.1000 resistance. Furthermore, the Moving Average Convergence Divergence (MACD) continues to rise above the equilibrium level. Also, the Relative Strength Index (RSI) curves have delivered an upside crossover just below the 50 levels of the indicator. At this point, this market is heading toward the 1.1020 mark.
GBPUSD: Bullish
On the daily market, GBPUSD price action has also capitalized on USD weakness. Price candles in this market have broken through the 23.60 Fibonacci level to recline above the 9-day Exponential Moving Average (EMA) curve. The lines of the RSI can also be seen now trending upwards following a bullish crossover. Furthermore, price action has been trending upward above the drawn trend line. Going by the signs from the technical indicators, it appears that the uptrend may be extended above the 1.2500 mark.
USDCHF: Bearish
As earlier mentioned, the dismal performance of the US dollar has affected the USDCHF pair. As we can see, the pair tried to regain its upside traction when it bounced off support at 0.9080. Apparently, it appears the bull lost it too early. Since then, price action fell below the EMA line, and has continued to retrace lower. The MACD indicator curves are trending downward below the 0.00 level. Also, the Stochastic RSI indicator curves have delivered another bearish crossover while below the 40 level. It could be seen that price action has broken through the 0.9080 support. Also, the signs on the MACD show that the headwind is still growing, which may push price action in this market to test the 0.9020 price mark.
USDCAD: Bearish
Price action in the USDCAD market turned bearish shortly after breaking above the 23.60 Fibonacci Retracement level. Furthermore, price action stayed consistently bearish until it hit the Fibonacci level of 50. It appears that buyers have laid siege to this at this level. This opinion is coming from the fact that a green price candle has just appeared. Also, the bars of the MACD indicator are now pale red to indicate a decrease in bullish momentum. Additionally, the RSI indicator lines seem to be at the initial stage of rising out of the oversold region. Nevertheless, buyers will have to mount a significant amount of pressure for price action to regain upside traction, or else USDCAD may fall to the 1.3290 mark.
AUDUSD: Bullish
AUDUSD price movement bounced off the 0.6797 price mark after it tested the level in the previous session. However, price action remains above the 9-day Exponential Moving Average curve. Consequently, this suggests that price action may still retrace upwards to break the 0.6797 resistance. Also, the Moving Average Convergence Divergence indicator is still showing positive signs about the current price move. The lines of the indicator are still rising towards the equilibrium level, while its bars are still appearing green and growing taller. Therefore, price action seems set to keep rising towards the 0.6900 price mark.
EURJPY: Bullish
Price action in the EURJPY has managed to stay bullish after it crossed above the 9-day EMA curve. As a result, price action has been above an important support level at 143.65. About four trading sessions ago, a headwind pushed price action to test this support. However, since price action remained above the EMA curve, price action was able to regain its upside traction. Although the MACD indicator shows that the headwind is acting on price action, the majority of signs in this market still point to the possibility of prices rising toward the 146.00 price mark.
USDJPY: Bearish
The USDJPY market continues to reveal that the dollar lacks major fundamentals that could strengthen it. Even in recent sessions, price action has stayed around the 9-day EMA curve. Consequently, this points out that price action lacks significant momentum. At this point, the last price candle is poised to tear down the Fibonacci Retracement level of 78.60. Additionally, the MACD indicator shows that the tailwind is growing weaker, as the lines of this indicator are now converging for a bearish crossover. Eventually, this will supply more headwind to this market, and this will result in price action falling lower to the 130.90 price mark.
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