The US dollar continues to struggle to find demand, even as the focus shifts to the US CPI and tariff talks. This has negatively impacted the greenback, allowing any FX pair that uses it as a quote currency the opportunity to recover. Let’s dive into the details below.
EUR/USD: Bullish
EUR/USD has been recovering for two sessions after rebounding from the 1.0300 price level. Consequently, the ongoing session remains positive and is now approaching the 20-day Moving Average (MA) line.
Similarly, the Stochastic RSI lines have crossed in the oversold region and are now trending slightly upward. Combined with speculation surrounding the USD, the market may continue to edge higher. Given traders’ growing caution around the US dollar, there is a possibility that this major FX pair may reach the 1.0400 level.
GBP/USD: Bullish
The GBP/USD market has rebounded from a higher baseline, indicating the potential for further upward movement. The corresponding price candle for the ongoing session is bullish, suggesting a higher likelihood of continued northward progression.
The previously mentioned baseline aligns with the 20-day MA, while the current session suggests that price action is attempting to breach the 50-day MA. Additionally, the Stochastic RSI lines have just crossed below the 50 threshold. As a result, this major FX pair has the potential to reach the 1.2500 price level.
USD/CHF: Bullish
The prevailing cautious sentiment surrounding USD/CHF has negatively impacted today’s trading session, leading to minimal downward retracement. However, despite this, the market remains above all MA lines on the daily chart.
The Stochastic RSI indicator still exhibits an overall upward trajectory, though the lead line has shown a slight deflection. There remains some distance between the lead and lagging lines of the indicator, suggesting that upside momentum still has the potential to push prices higher in subsequent sessions, possibly toward the 0.9000 level.
USD/CAD: Bullish
The USD/CAD market experienced a sharp downward retracement following the announcement of Trump’s trade tariff. However, that fundamental factor soon lost its relevance as the major FX pair quickly began consolidating. The ongoing session has appeared as a green price candle, though gains remain minimal.
As a result, this major FX pair’s price action remains just below the 50-day MA line. Additionally, the Stochastic RSI lines are still rising slightly from the oversold region, indicating that upside momentum is weak. Nevertheless, the market has the potential to move toward the 1.4500 resistance level.
AUD/USD: Bullish
The AUD/USD market has adopted an upward outlook, with price action rising past the 20- and 50-day MA lines. The indicator lines appear to be converging below the latest price candle. However, as of the time of writing, the ongoing session is posting minimal losses.
Meanwhile, the Stochastic RSI lines continue progressing into the oversold region, following a crossover just below the 80 threshold. This suggests that price action remains on track to reach the 0.6400 price level.
EUR/JPY: Bullish
The EUR/JPY market has been moving upward with moderate momentum. Price action has rebounded from below the 157.00 threshold and is now pushing higher.
However, price action remains below the MA lines on the chart. The Stochastic RSI indicator, on the other hand, continues to trend upward from the oversold region. Consequently, this market appears poised to breach the 160.00 price level.
USD/JPY: Bullish
The USD/JPY market has maintained an upward trend over the medium term, with price action bouncing from one higher support level to another. Today’s session has pushed the price above the 100- and 200-day MA lines.
Similarly, the Stochastic RSI lines are progressing upward, moving out of the oversold zone. This alignment suggests that price action is likely to continue moving northward. Therefore, it seems logical for traders to target the 155.00 threshold for short-term gains.
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