The Forex market has been quite eventful, with a lot of economic data arriving, bringing twists to the market and influencing price movements in many major FX pairs. Let’s zoom in on the market for more insight.
EURUSD: Bullish
Price action in the EURUSD market seems to have strengthened. This major FX pair has been generally bearish, with its price action retracing price levels. However, since the previous session, better-than-expected Eurozone data has assisted the pair in delivering some upside corrections.
At this point, the market faces the 61.80 Fibonacci Retracement level. The Moving Average Convergence Divergence (MACD) indicator reveals that downward forces have been impacted, as seen through the appearance of a pale red price candle on the indicator. Traders can anticipate a break of the resistance at the 1.07660 price level.
GBPUSD: Bullish
Price action in the GBPUSD market saw a considerable rebound in the previous session, with the ongoing session showing the prospect of continuing the trend.
Price activity in the market is rising against the Guppy Multiple Moving Average (GMMA) lines, while the Relative Strength Index (RSI) lines are converging for a crossover, suggesting that more upside forces may be activated, thereby pushing prices upwards. With more favorable economic developments, this major FX pair is geared towards a nearby resistance at the 1.2650 mark.
USDCHF: Bullish
Despite the softness of US dollar rates, this major FX pair maintains a fair upward path. The USDCHF market has moved with much intensity through the crossed lines of the GMMA indicator lines. However, the market slowed down as a bearish price candle appeared with a significantly small body.
In the subsequent session, there was a minimal upside correction, sustaining the market above the two sets of GMMA indicator lines. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator line remains projected upwards. Traders can anticipate a rebound in the upside towards the 0.8800 mark.
USDCAD: Bearish
The dovishness of the Fed seems to have a considerable effect on the USDCAD market. This major FX pair saw a significant downward correction in the previous session, while the ongoing session has continued the same trend. At this point, price action now sits just atop the most lines of the Guppy GMMA curve. Also, the last price candle here has a notably small body compared to that of the previous session.
Meanwhile, the RSI leading line only has a minor correction, suggesting that upside pressure may be weakening already. Consequently, traders can prepare for a bounce towards higher marks around the 1.3550 mark.
AUDUSD: Bullish
The Fed rate cut has had a positive effect on the AUDUSD pair, assisting the pair to stage a successful rebound off the 0.6484 mark. Likewise, price action has now started touching the GMMA curves, showing that more upside gains may be printed.
The RSI indicator lines have also delivered a bullish crossover in the oversold region, with the ensuing lines having an upward trajectory. Supposing the status quo is maintained as per fundamentals, we may still see the market approach the 0.6600 mark.
EURJPY: Bearish
EURJPY stays bearish as price action continues to trend downward towards lower levels. Despite printing minimal profits, price movement in this market has fallen below the two sets of GMMA lines, signaling that headwinds may strengthen and price action may be forced towards lower marks.
With the two sets of GMMA lines crossed, price action will likely fall to lower support. To back this up, the SRSI indicator has delivered yet another bearish crossover while still in the oversold region, indicating that the printed minimal profits stand no chance of offering bullish hope to traders in this market. Therefore, traders can predict that price action will trend toward the 157.00 price mark in the meantime.
USDJPY: Bullish
Bulls in the USDJPY market are resisting headwinds effectively. This major FX pair has printed minimal profits just atop the GMMA curve when price action bounced off its upward path via a moderately sized price candle.
Nevertheless, it appears that bulls swiftly came to the rescue, as seen through the last price candle on this chart. The RSI indicator lines have converged but haven’t delivered a crossover yet, signaling that buyers have the chance to halt any further price declines in this market. Consequently, traders can take the risk of entering this market at this point in anticipation of the printed minimal profit growing towards the 148.00 mark and 149.00 mark.
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