As bears remains in control of the US dollar, the upside correction in most of the major FX pair has continued. Some of the pair has quickly risen to a Multi-Month high and more price movements seem to be on the way.
EURUSD: Bullish
The EURUSD has benefited significantly from the bearish tone in the USD. The pair have now broken throu a three month high and is now testing the 1.1006 resist. Also, the Moving Average Convergence Divergence MACD indicator lines has just avoided a bearish crossover, above the equilibrium point, while a red price candle has just showed up on the chart as a rejection off the 1.1006 mark.
Meanwhile, price action remains above the middle band of the Bollinger Bands indicator. Combining these with the uphill task that the US Dollar is currently facing on the fundamental aspect, traders can anticipate that price action may rise through the 1.1006 mark towards the 1.1500 mark.
GBPUSD: Bullish
Since price action in the GBPUSD market surpassed the resistance around the 1.2580 mark in about 5 trading session ago. It could be seen that trading activities has remained above that support despite minimal rejections that was experienced in previous sessions. The ongoing session has also started on a positive note as a green price candle has appeared for the session above the close of the previous one.
Also, it could be seen that price action hasn’t pushed against the uppermost band of the Bollinger Bands, suggesting that a downward correction isn’t likely at this point. Meanwhile, the MACD indicator lines keeps rising upwards, thereby indicating a continuous gain in upside momentum. Therefore, it is fair to anticipate that the upside retracement for this major FX pair may approach the 1.2800 mark.
USDCHF: Bearish
The USDCHF pair continues to drown in the sea of bearish pressure. This major FX pair has been Trending downward since the start of the trend reversal in the IS dollar. Although there has been some interruption along the way, which is typical of any market, even at that price action remain under the middle band of the Bollinger Bands.
The ongoing session has been consistently bearish over the past three sessions. The Relative Strength Index RSI indicator have also indicated that the market is still seeking a support. The RSI indicator is now deep in the oversold region with no sign of an upside crossover in the yet. Therefore it is more likely that price movement will soon touch down on the support at the 0.8751 mark.
USDCAD: Bullish
The USDCAD price action has been hugging the lowest limit of the Bollinger Bands indicator. Here, price action has crossed below the middle limit of the Bollinger Bands. Consequently, this signals that the market is bearish.
The fact that price action is hugging the lowest band of the Bollinger Bands is indicative of the fact that the bears are mounting the pressure in this market. Likewise, the RSI lines are now merged or better said interwind. Yet the indicator lines are still oriented towards the 0 level of the indicator. Therefore, the market still remains in focus of the the support at the 1.3302 mark.
AUDUSD: Bullish
The AUDUSD pair has been trending upwards , and have also seem to have found a support at the 0.6600 mark. Also, price action has pushed against the uppermost limit of the Bollinger Bands. However, the ongoing session has show a minimal downward correction, yet the MACD indicator lines has been trending upwards.
Meanwhile, the histogram bars of the MACD indicator continues to appear above the equilibrium level and solid green in appearance. Therefore, this suggests that the minimal downward correction is of very little impact. Therefore, price action may continue towards higher price marks. Perhaps price action may still trend towards the 0.6700 mark.
EURJPY: Bearish
The EURJPY market is witnessing a descent below the central limit of the Bollinger Bands, indicating the emergence of challenges. A bearish candle has materialized, edging the pair closer to the 162.50 support level. Concurrently, the primary line of the MACD indicator is declining more sharply towards the equilibrium level.
The histogram bars beneath the equilibrium level are solid red and increasing in height, indicating robust and potentially intensifying headwinds, suggesting further declines in prices. Consequently, traders should gear up for a possible retracement towards the 161.90 support level in the near future.
USDJPY: Bearish
USDJPY is also bearish biased eversince its steady upside correction terminated near the 152 mark. Eversince, the market has been on a downward trajectory as the stagged upwards correction failed to achieve a breakout of the 150 mark.
Ever since the resumption of the downward correction, the headwinds seem to have increased the intensity of the exerted downward pressure. In accordance to this, the RSI lines has been trending downwards to indicate the prevailing sentiment concerning this major FX pair. Therefore, this market may soon reach the 147.00 mark.
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