While speculations about economic policies in the US continue to keep traders on their toes, major FX pairs continue to see limited gains. The greenback, however, keeps feeling the impact of the reciprocal tariff, which has kept most FX pairs consolidating as indecision dominates the market.
EUR/USD: Bullish
The EUR/USD pair has capitalized on the weakness of the US dollar significantly in March. However, the market currently posts minimal gains. Nevertheless, this major FX pair trades above most of the Moving Average (MA) lines and, as such, seems to have a fair outlook.
Meanwhile, the Stochastic Rate of Change Indicator (ROC) can be seen above the equilibrium level, but the terminal appears to have a slight downward trajectory. However, the latter part of the indicator is now green, hinting that upside forces dominate. Technically, price action may still progress towards the 1.0900 price level.
GBP/USD: Bullish
Price action in the GBP/USD market has been retracing minimally upward since the previous session. As a result, price action has risen past all the MA lines on the chart.
Also, the Stochastic ROC indicator lines can be seen above the equilibrium level, and the terminal of the indicator has a slight downward trajectory. Albeit, the latter part of this indicator is green, hinting at an upward trend. Considering the fact that price action is above all the MA lines, it appears that the upward trend may continue. Thus, the 1.3000 price level may be breached shortly.
USD/CHF: Bullish
The USD/CHF market has continued to trade above long-term support since August 2024. The major FX pair is trading above the converged 20 and 200-day MA lines. However, the ongoing session has only recorded minimal price increases, which seem fragile.
The support formed by the 20 and 200-day MA lines appears strong and may hold price activity above the 0.8793 level, which has been held since last year. Meanwhile, the Stochastic ROC indicator lines are rising steadily towards the 0.00 level from below. Likewise, the terminal of the line stays red, still indicating an oversold condition, but the trajectory of the line suggests the market may continue toward the 0.9100 price level.
USD/CAD: Bullish
The USD/CAD market has continued to have a general upward trajectory, maintaining the impression that the market may progress given technical standings. The price action of this major FX pair lies above the 100 and 200-day MA lines.
The ongoing session has appeared as a green price candle, pushing the market towards the converged lines of the 20 and 50-day MA lines. Meanwhile, the Stochastic ROC indicator lines can be seen trying to push back above the equilibrium level following a brief dip below it. Given this, traders can still target the 1.4400 mark.
AUD/USD: Bullish
The AUD/USD market has taken a slight upward trajectory ever since its price action dipped below the 0.6100 price level. Since the previous session, this major FX pair has been rising steadily. The last price candle on this chart has placed the current price of the pair above the 50-day MA line.
Consequently, the Stochastic ROC indicator lines have risen back above the equilibrium level. As a result, the terminal part of the indicator is now green, indicating momentum gain and suggesting that upside forces may propel the market further. Therefore, traders can still take a bullish but short-term stance in this market toward the 0.6350 or 0.6400 price level.
EUR/JPY: Bearish
The EUR/JPY market has been fluctuating within a wide range for a while now. The price action of this major FX pair has been dipping recently, with the range between the 158 and 164 price levels. The last price candle on this chart has brought prices below the 20-day MA line.
The mentioned indicator line lies further below the 200-day MA line. The Stochastic ROC indicator line is pointing slightly downward toward the equilibrium level. However, traders can hope for an upward rebound of the 100-day MA line, given that it held strong in the previous session.
USD/JPY: Bearish
The USD/JPY market has not been performing well recently. This is evident as price action in this market appears trapped between the 20 and 200-day MA curves. The support formed by the 20-day MA line has been held and has been tested again in the ongoing trading session on the daily chart.
Meanwhile, the Stochastic ROC lines are moving almost sideways just below the 0.00 level of the indicator. Technically, this does not give much hope for upside movement in this market. Nevertheless, should the support created by the 20-day MA line hold, traders can expect a bounce towards the 152.00 price level.
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