Most of the pairs on this week’s major Forex pairs are showing some profits. However, some pairs are presenting more than others. Let’s further study these pairs to try to discover where price actions in these markets will head.
EURUSD: Bearish
Price activity in the EURUSD market has been on an upside trajectory since around late February. However, there have been minor downside retracements along the way. In the ongoing session here, there has been some minor downward price retracement. This can be seen via the last price candlestick on this chart. Also, the Relative Strength Index (RSI) indicator has been shaped to point out a reduction in upside momentum and the growth of downward forces. Nevertheless, considering the distance between the last price candle and the midline of the Bollinger Bands, traders can anticipate an upside rebound toward the 1.1072 price level.
GBPUSD: Bullish
Price action in the GBPUSD market has extended profits from the previous session to the current session. At this point, price action has climbed above the MA of the Bollinger Bands, which suggests an upside trend in this market. In addition, the applied Stochastic RSI indicator lines are now rising toward the 50 level. Consequently, this is telling that buyers are piling up bullish momentum. Considering the last price candlestick, which is above the MA of the Bollinger Bands indicator, and the behavior of the Stochastic RSI, it can be assumed that the current trend in the market is fairly strong. Therefore, GBPUSD can still attain the 1.2550 mark.
USDCHF: Bearish
During the past thirteen trading sessions, price action in the USDCHF market attempted to end the reign of the bears. However, bears seemed too powerful, and they remained in control. The wick of the last price candle here is testing the middle limit of the Bollinger Bands indicator. Considering the appearance of the RSI lines, the observed upside retracement is more likely to be short-lived. This is because at this point these lines are already in the overbought region, with very little space left to reach the peak level of 100. Consequently, traders can expect the price to fall towards 0.8900. Nevertheless, traders can monitor fundamentals coming from the United States for more impetus.
USDCAD: Bullish
The USDCAD pair is experiencing some significant tailwinds that have significantly changed market trends. The current price trend started around the 18th of April and has continued to this point. However, today’s trading session has offered a very minimal downward retracement, but generally speaking, price action remains in an uptrend. The RSI indicator continues to show that upside momentum is still strong. The lines of this indicator can be seen dragging sideways at the peak level of the indicator. Therefore, traders can expect to see the price rise towards the 1.3650 mark.
AUDUSD: Bearish
AUDUSD price action broke down the support at the 0.6653 mark to push the lowest limit of the Bollinger Bands indicator. The previously mentioned event happened about three trading sessions ago. Currently, a green, inverted hammer-like price candle has just appeared off the lowest band of the Bollinger Bands indicator. Meanwhile, the RSI indicator lines are diving into the oversold zone. However, given the current position of the RSI curves, traders can anticipate that the price will retrace upwards soon, perhaps now towards the 0.6654 price level.
EURJPY: Bullish
The EURJPY pair seems to have regained upside traction after its price action retraced very sharply downward towards the 146.65 mark. However, now that price action has regained its upside path, it has hit the 147.46 mark. The Moving Average Convergence Divergence (MACD) indicator curve has risen above the equilibrium level but is currently trending sideways because of recent price developments. At this point, traders can expect prices in this market to hit the 148.00 mark shortly.
USDJPY: Bullish
The USDJPY market is holding onto upside promises despite the gloom predicted by technical indicators. The last two green price candles on this chart are inverted hammer price candles. Also, this price candle seems to be attempting to restore upside momentum. On the contrary, the RSI indicator lines are plunging steeply toward the oversold zone. Nevertheless, traders can place their trades in this market with the expectation that price action may resume upside movement. This opinion is based on the fact that price action remains above the middle limit of the Bollinger Bands indicator on this chart. Consequently, traders can anticipate an upside retracement towards the 135.50 mark.
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