The US dollar has seen a trend reversal due to various fundamental reasons, significantly impacting most major FX pairs. This has introduced a moderate momentum pullback in pairs with USD as a base currency . Be that as it may, let’s examine each of the pairs one after the other.
EURUSD: Bearish
The EURUSD pair has benefited from the mentioned dollar weakness, extending its upside correction from the 1.0600 mark. Furthermore, technical indicators suggest that this major FX pair may see even more upside corrections. However, the ongoing session has seen a significant reduction in momentum considering the size of the last price candle on this chart.
Also, trading holds above the Guppy Multiple Moving Average (GMMA) lines. Likewise, the Stochastic Relative Strength Index (SRSI) lines are still rising upward despite the momentum decline. This hints that the upside retracement may continue towards 1.07150, even though the 1.07027 mark has presented some rejection. Nevertheless, traders should monitor related fundamentals that may impact price movements.
GBPUSD: Bullish
The GBPUSD market has benefited from the recent mood of the USD. This could be seen through the significant price rebound that occurred during yesterday’s trading session. However, this major FX pair has seen a significant reduction in upside momentum in today’s trading activity. The last price candle here has just risen above a few green GMMA lines.
As a result, one can sense that the USD is improving in fundamentals, and this has started neutralizing the bearishness in the USD. This has also been noticeably affecting this examined major FX pair. The SRSI indicator curves continue to rise upward from the oversold region, revealing a continued gain in upside momentum. Traders can still hope that the market hits the 1.2600 mark.
USDCHF: Bullish
The USDCHF pair has managed to print minimal gains so far in today’s trading activity. However, this major FX pair has been consolidating for some time now, and the ongoing session doesn’t seem to have changed much. Price activity in this market has managed to remain above the GMMA lines as it trends sideways. Meanwhile, the SRSI indicator lines are rising upward but seem a bit tangled, and the lines are too close to each other. This further affirms the consolidation mood that is prevalent in this market. The indicator lines are still in the oversold region and don’t seem to present much hope for price movements. At this point, traders may want to monitor USD fundamentals, as they will likely supply the needed momentum for price action to move towards the 0.9200 mark.
USDCAD: Bullish
USDCAD price activity has turned since the market poked through the 1.4000 mark. Price action in this market has spiraled downhill ever since. This market, however, seems to have hit strong support at the 1.3600 mark. This can be seen as a green price candle that showed up just as soon as price activity hit the 1.3600 mark.
This has managed to keep the pair trading above the last red line of the GMMA indicator. The SRSI indicator lines have reached the oversold region, but a slight deflection can be seen in their leading line concerning the bounce on the price chart. Consequently, traders can hope that the 1.3600 mark will present strong support from which the market may rise towards the 1.3700 mark.
AUDUSD: Bullish
The AUDUSD pair has also benefited significantly from the dollar weakness. The pair has been able to extend upside corrections from last week’s rebound off the 0.6200 mark. At this point, this major FX pair now trades between the 0.6600 and 0.6490 marks. As of the time of writing, the ongoing session maintains viable momentum considering the size of the corresponding price candle.
Also, trading continues above the GMMA lines, and the mentioned indicator lines have started converging to deliver more momentum to price movement. The SRSI indicator lines are rising strongly upwards; this further suggests that bullish momentum is still intact in this market. Traders can set a fair target at the $0.6600 mark.
EURJPY: Bearish
In the dynamic landscape of the EURJPY market, a significant development has unfolded as the price has triumphantly breached the resilient barrier at 165.00. This breakthrough can be attributed to a prevailing tailwind stemming from the JPY sector, accentuated by the Eurozone’s subdued demeanor.
The present session’s price candle looms large, symbolizing the assertive presence of buyers in the market fray, while trading activity confidently maintains its position above the Guppy Multiple Moving Average (GMMA) lines, signaling continued bullish momentum. Furthermore, the Stochastic Relative Strength Index (SRSI) lines exhibit a steadfast ascent, painting a picture of sustained upward movement, which portends the tantalizing prospect of the market soon surmounting the psychological threshold at 166.00.
USDJPY: Bullish
The USDJPY market has crossed the 151.00 price level; however, it hasn’t been able to march further upwards. This can be seen through the appearance of multiple green-priced candles above the 151.00 threshold. Consequently, the market has only been consolidating sideways. Even the price candle representing the ongoing session has appeared as a green one but formed below the previous session.
Therefore, downward forces were able to accomplish their aim one way or another. Nevertheless, trading continues above most of the GMMA lines. Also, while the SRSI lines maintain a general upward trajectory, a deflection can be spotted in its leading lines. This major FX pair seems quite choppy at this point, but traders may still hope that the market hits the 152.00 mark soon.
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