The driving force behind the majority of the major FX pairs, the US dollar, has experienced a significant decline in momentum. As a result, some FX pairs have managed to record gains due to other influencing factors.
EURUSD: Bullish
The current bias for EURUSD appears bullish. This major FX pair has broken free from the bearish trend that persisted in previous weeks and has climbed above the price range of 1.0600 to 1.0700.
Although the ongoing session has experienced minor losses, price action remains directed toward the resistance at 1.0700, positioned above the 21-day Moving Average curve. The Moving Average Convergence Divergence (MACD) lines maintain an upward trajectory after crossing below the equilibrium level. The MACD bars suggest ongoing upward momentum, hinting at a potential move towards 1.0700 in the near future.
GBPUSD: Bullish
GBPUSD has gained upward momentum following a recent slowdown in the US dollar’s momentum. This positive sentiment has propelled the major FX pair’s price action above the 1.2250 level.
Despite some losses in the current session due to anticipated influences from the US, this market stands above the 21-day MA line for three sessions now. The MACD bars remain in the green, indicating ongoing market momentum that could drive prices higher. Traders can anticipate a further upward correction towards 1.2400 shortly.
USDCHF: Bearish
The USDCHF is among the major FX pairs affected by the ongoing decline in the US dollar’s momentum. The market has remained bearish since rebounding from the 38.20 Fibonacci retracement level, gathering profits over the past eight trading sessions. The price action is currently below the 21-day MA line, which continues to bolster the bearish sentiment.
The MACD lines are nearing a crossover below the equilibrium level, with the bars on the negative axis growing taller below the equilibrium point. This indicates that bearish momentum is gaining strength, suggesting that USDCHF may visit the 0.8900s soon.
USDCAD: Bearish
After a brief pause above the 1.3578 price level, the USDCAD market appears to have resumed its bearish trajectory. The most recent price candle on this chart now finds support at the 21-day Moving Average (MA) curve.
Additionally, the Moving Average Convergence Divergence (MACD) indicator has shifted south above the equilibrium point, signaling a bearish crossover. The MACD bars further reflect the growing bearish momentum. Consequently, the accumulating downward momentum in the current session is likely to exert continued pressure on prices within this market, with prices possibly trending towards the 1.3500 level.
AUDUSD: Bullish
AUDUSD has successfully reversed its previous downward trajectory while remaining above the 21-day MA curve. In the prior trading session, this pair corrected towards support at the 21-day MA line. The MACD indicator lines and bars continue to suggest strong upside momentum in the market.
The current session has witnessed a partial recovery above the support at the 0.6390 price level, with indications that prices may continue to resist the 0.6450 resistance level. This is supported by the upward movement of the MACD lines and the growth of green bars above the equilibrium level.
EURJPY: Bullish
The EURJPY market exhibits considerable volatility, making it unpredictable and challenging to analyze. Price action initially dipped below the MA line, indicating a bearish trend. However, an abrupt rebound took prices back above the MA line. The leading MACD lines have risen just above the equilibrium level. Although the current session has approached 159.00, traders may consider the possibility of price action reaching the 159.40 mark.
USDJPY: Bullish
The USDJPY market has faced intermittent interruptions from bearish forces, delaying upward price movement. Buyers have found strong support above the 149.00 price level for the past two trading sessions.
However, the current session has witnessed another interruption from bearish pressures, with price action remaining above the Moving Average line. The MACD lines remain above the equilibrium level but appear to be trending sideways, without strong indications supporting an imminent upside rebound in the next session. Nonetheless, traders may consider the fact that price action remains above the MA line and anticipate a continued upward correction toward the 150.00 mark.
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