The US dollar holds firm, and this has undoubtedly exerted some notable effect on the major FX pairs. The day is quite busy on the fundamental side. So, traders can expect some drama to unfold as trading activities continue for the week.
EURUSD: Bullish
The EURUSD has seen moderate profits so far. The market started a bullish correctional move yesterday, and the ongoing session has advanced that move. However, the anticipated eurozone fundamentals seem to be having a limiting effect on the major FX pair. On the price chart, the tiny gain seen in today’s trading has breached the Fibonacci Retracement level of 61.80.
Despite this, the pair remains below most of the Guppy Multiple Moving Average (GMMA) indicator lines. Meanwhile, the Stochastic Relative Strength Index (RSI) indicator has delivered an upside crossover in the oversold region. Consequently, this signals that a significant upside correction may result should favorable fundamentals emerge from the EUR side of the market. As a result, the market may rise above the 1.0800 mark.
GBPUSD: Bullish
The GBPUSD market stays generally depressed, despite seeing a minor upside correction. The market remains a significant distance below the 1.2800 mark. Also, its price action remains below all the GMMA indicator lines. Today’s session has seen, so far, a very minimal price increase. This can be attributed to the firmness of the dollar. Furthermore, the SRSI indicator lines remain in the oversold region.
Although the indicator lines have delivered a crossover, they lack a clear direction as they continue to trend sideways at the moment. Nevertheless, since the ongoing session has seen minimal gains, traders can anticipate a continuation toward the 1.262 mark but should monitor fundamentals that may alter the trend.
USDCHF: Bullish
The USDCHF market has continued to rally ever since its price action bounced off the red set of the GMMA indicator lines. Since then, its price action has breached multiple resistance levels. However, as the major FX pair approaches a technical resistance level at 0.9100 in the ongoing session, it could be perceived that the bullish momentum in the market seems to be on the decline.
Nevertheless, price action stands above the GMMA lines and, as such, suggests that price action may continue upwards. In addition, the last SRSI indicator lines have also delivered a bullish crossover while in the oversold region. Therefore, traders can still at least hope that the market may approach the 0.9150 mark.
USDCAD: Bullish
The USDCAD market has printed the most minimal profits amongst the examined major FX pairs in this article so far. Here we can see that the market has been very low on significant price movement. As a result, the market has been consolidating. Be that as it may, the market stands above the GMMA indicator lines.
This suggests that the market still has some prospects. Likewise, the SRSI indicator lines can be seen delivering a bullish crossover around the 50 levels of the indicator. Furthermore, the ensuing lines have been rising afterward. Consequently, this offers some bullish hopes, hinting that the market may challenge the 1.3600 market.
AUDUSD: Bullish
Despite the thinning volatility in the ongoing session, the AUDUSD major FX pair has been able to stay above the 0.6500 mark. Like most of the previously examined major FX pairs, the pair has only seen minimal gains as of the time of writing. However, technical indicators are suggesting that some more profits may still be printed.
Through the aid of the last price candle, we can see that price action has risen past the first green GMMA lines. Also, the sharp upside crossover in the SRSI indicator lines continues to trend upwards despite the significantly reduced volatility. This seems to signal that the market may still rise through the 0.6560 mark.
EURJPY: Bullish
Despite the generally upward trajectory of the EURJPY market along an upward-sloping price channel, there is a noticeable surge in momentum. However, the market appears to have retreated following a breach of the 164.00 price level. In today’s session, support appears to have emerged after the Guppy Multiple Moving Average (GMMA) lines.
Meanwhile, the Stochastic Relative Strength Index (SRSI) lines maintain a predominantly bearish outlook as they continue to descend into oversold territory. Nonetheless, traders can anticipate the market to approach the 164 mark upon the release of eurozone inflation data.
USDJPY: Bullish
The USDJPY pair has been lacking a clear direction. And unlike the rest of the major FX pairs examined in this article, its lack of a clear direction didn’t only start today. Price activity in the market can be seen consolidating sideways. However, the market stands above the GMMA indicator lines, and the resistance level seems to have been a hard level to crack.
This can be seen as the market consolidates below that mark. Also, the SRSI indicator lines continue to descend slightly but steadily. At this point, the SRSI indicator lines can be seen merged to suggest a lack of notable momentum in the market. Therefore, bullish traders anticipating a break of the 152.00 mark should as well pay attention to impactful fundamentals.
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