The USD generally maintains a steady momentum against some major pairs in this week’s Major FX pairs price analysis. Consequently, this has essentially maintained the trend in the FX market. However, there are signs of weakness in some pairs, which must be carefully examined. Let’s jump in.
EURUSD: Bearish
EURUSD remains largely bearish, following its failure to extend a rebound off the upside sloping trendline on its daily chart. The general price action in this market maintains a bearish characteristic as it generally remains below the 9- and 21-day SMA curves. Meanwhile, the lines of the Moving Average Convergence Divergence (MACD) indicator keep trending downward below the equilibrium point. Nevertheless, the ongoing session is showing that the upside force is attempting to abort further price declines towards the 1.0900 mark. But unless the momentum behind the dollar weakens further, not much hope may be offered for a rebound in this market. Therefore, bearish traders can still hope to see prices fall to 1.0900 in the near term. Nevertheless, tabs must be kept open on any fundamentals from the Dollar region.
GBPUSD: Bullish
Price action in the GBPUSD goes thin on volatility to maintain its minimal upside correction. Consequently, price action has managed to remain on the upside path that was picked about five trading sessions ago. At this point, the last dashed-shaped price candle has placed this major FX pair above once-lost support at the 1.2700 mark. This seems to offer some upside hope for bull traders in this market, as the current price of the pair now stands above the 9-and 21-day Simple Moving Average lines. Additionally, the MACD lines seem to have decisively converged for a bullish crossover below the equilibrium level of the indicator. Consequently, traders can anticipate this pair to trade within the 1.2700 and 1.2782 price regions. However, more supportive fundamentals must emerge to further strengthen this opinion.
USDCHF: Bullish
The USDCHF price behavior seems to reveal that the dollar’s momentum has grown weaker than that of previous weeks. This can be seen as the Swiss franc seems to be Strengthening against the USD, causing a significantly reduction upside momentum in this major FX pair. Nevertheless, price action remains above the SMA curves, thus continuing trading above the upside-sloping trendline drawn to illustrate recent price moves. Furthermore, the MACD indicator lines indicate that it is weak via its histogram bars. Nevertheless, there is a need for more favorable impetus from the Dollar region. Without this, the Swiss Franc may drown this pair, initiating a change of trend at least towards a near support level of 0.8740. While that is on the way, traders may hope to keep accumulating profits towards the 0.8800 mark.
USDCAD: Bullish
The USDCAD pair keeps suffering from the much stronger forces on the Canadian dollar side of the market. This has remained the driving force in this market, offering downward profits to bearish traders. Examining all the signs here, it could be inferred that sellers are strongly in charge in this market. Price action continues to fall below the 9- and 21-day SMA curves. Meanwhile, the MACD too is revealing that bears are strong as its lines keep falling below the equilibrium level and its bars are solid red in appearance. Consequently, this brings to focus the fact that price action will visit lower price marks unless USD bulls can wake from their slumber. In the near term, traders can anticipate that prices may decline to the 0.6400 mark.
AUDUSD: Bullish
At this point, the AUDUSD major FX pair continues to maintain its upside trajectory, which was picked on the 1st day of this month (August). However, the ongoing session seems to have introduced minimal losses to bullish traders. This can be seen as the last price candlestick here sits just on top of the 38.20 Fibonacci Retracement level. Nevertheless, trading activities remain above the 9- and 21-day SMA curves. At the same time, the MACD lines continue to trend in the upside direction above the equilibrium levels despite indications that the trend is weakening. The signs in this market are still considerably against bearish traders, while bullish ones seem more favored. So, traders can still hope for the trend to extend toward the 1.3520 mark.
EURJPY: Bullish
After bouncing off the lines of the 9-day Simple Moving Average, EURJPY price activity has continued to move upward during the past two trading days. The price of the pair has moved further closer to the 160.00 level in the current session, demonstrating that upward forces have outweighed downward ones. Nevertheless, the Moving Average Convergence Divergence (MACD) indicator bars show hints of weakness in the upward price movement. These bars are visible as light green lines above the equilibrium level. But despite this, price movement has kept moving towards the 161.00 mark.
USDJPY: Bullish
Price action in the USDJPY remains bullish. This is because bulls are maintaining dominance based on the overall trend in the market. Price action here continues to journey towards the 146.00 mark despite the minimal downward correction offered by the last price candlestick here. The price action in this market continues to ramp up above the SMA lines on this chart. Likewise, the MACD lines continue to rise steeply upward above the equilibrium level. The appearance of the last price candlestick on this chart has reflected on the MACD indicator, as its last histogram bar is now pale green. Pointing out that bears are dominating the ongoing session. Considering most of the ensuing signs from this market, suggests that traders can maintain focus on the 146.50 price mark.
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