With the US CPI still ahead, the major FX pairs continue to show their respective cautious moods. It is as if market participants are awaiting this and more key fundamentals for a clear impetus. This has caused these pairs to slow down considerably on their respective paths.
EURUSD: Bearish
The EURUSD pair has been bearish since the previous session; today’s session seems to have further printed some minimal downward correction. However, a keen observation of price movement suggests that there has been some reduction in bearish momentum.
Also, price action remains above most of the Guppy Multiple Average (GMMA) lines. The Stochastic Relative Strength Index (SRSI) indicator lines are now trending downward from the overbought region. Going by the majority of signs emanating from the major FX pair, it can be concluded that the market may extend downward corrections toward the 1.0800 mark, and USD fundamentals will play a crucial role in this.
GBPUSD: Bullish
The GBPUSD continues to trade below the 1.2800 resistance ever since price action touched that mark. However, the major FX pair has been able to rise above the GMMA indicator lines; the last price candle on this chart has further revealed the dominant cautious mood in the market.
As a result, the ongoing session has only been able to generate minimal profits. The SRSI indicator lines continue to rise upward, but their movement seems exaggerated considering price movements. Consequently, this isn’t looking good for the pair, as upside forces may soon lose momentum. As a result, traders may only hope for price action to hit targets below the 1.2800 resistance level, around the 1.2750 mark.
USDCHF: Bullish
The USDCHF stays largely bullish as the major FX pair continues to trade above most of the GMMA lines. Just as mentioned earlier, this market has also maintained a cautious mood and has only printed minimal profits even at this point. The market seems to have taken a smooth turnaround off the resistance at the 0.9100 mark.
Additionally, the SRSI indicator lines are now merged in the oversold zone of the indicator. A resultant crossover here may hint that the seen profits may grow even in the ongoing session. However, impactful fundamentals will play a key role in this, as they will supply market participants with the needed impetus to move the market.
USDCAD: Bearish
While the USDCAD maintains a staggered uptrend as revealed by the upside-sloping trendline, the market has been losing to the Canadian dollar on a minimal scale. Here, the market has printed a minimal but downward correction for the third session in a row.
Also, the SRSI indicator lines have performed a bearish crossover while still below the 60 mark of the indicator. At this point, the pair may only look to the US CPI data for rescue. This is because technical indicators have just indicated that the market is on a downtrend and may hit the 1.3500 mark.
AUDUSD: Bearish
The AUDUSD has maintained a strong bullish path over the past six trading sessions. Consequently, this market has a strong bullish path. However, the ongoing session has appeared as a hammer-shaped price candle. The appearance of this hints that bulls may be getting exhausted.
The market keeps trading above the GMMA lines despite this. Likewise, the SRSI indicator has aborted a bullish crossover move and continues to trend upward while already in the overbought region. Traders may want to gamble on the chance of price activity trending further towards the 0.6660 mark, but good CPI data will likely reverse the trend at this point.
EURJPY: Bullish
The EURJPY market has progressed after surpassing the psychological level of 164.00. Price movement in this market is edging closer to the 165.00 milestone. Despite this, the current session has introduced a minor downward correction above the Guppy Multiple Moving Average (GMMA) lines.
Concurrently, the Stochastic Relative Strength Index (SRSI) indicator lines have sustained a steady upward path, reinforcing the bullish outlook for this market. However, the dynamic nature of the indicator line suggests that resistance is feeble, potentially paving the way for the market to advance towards the 165.50 level.
USDJPY: Bullish
The USDJPY has continued to consolidate below the 152.00 resistance price level. The mentioned price mark seems quite strong and has been able to restrain the pair from progressing further upwards. Today’s session has only printed minimal gains, like the other major FX pairs mentioned. This has also been attributed earlier to the prevalent cautious mood in the market. Be that as it may, it could be noted that price action is lurking around the 152.00 resistance price mark. Meanwhile, the SRSI indicator lines have delivered a bullish crossover near the 50 mark. As a result, this pair may eventually break this medium-term resistance to advance towards the 152.50 mark.
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