The majority of major FX pairs are bullish as of today. This is happening at a time when notable and more fundamental developments are surrounding the greenback. And while these developments ought to have created some tailwind for the greenback, it seems investors are more cautious at this point. However, this has allowed some of the major FX pairs to gain more bullish momentum as it were.
EUR/USD: Bullish
The EUR/USD market has been able to post a significant recovery toward the positive path. This major FX pair had previously dipped below the 9-day Exponential Moving Average (EMA) line. In the past two sessions, price candles can be seen hugging the drawn upside-down sloping trendline. Also, the last green price candle on this chart has brought this market to trade above the 9-day EMA curve.
Similarly, the Stochastic Relative Strength Index (SRSI) line can be seen still pointing upward since the last upside crossover in the oversold region of the indicator. Therefore, this market seems headed toward the 1.2000 price mark.
GBP/USD: Bullish
Even on the GBP/USD daily chart, it is visible that price action is progressing in its bullish path. The last price candle on this chart can be seen appearing much bigger than the last two price candles. As a result, it brings this major FX pair to trade above the 9-day EMA line.
At the same time, the upside-sloping trendline seems about to be reached by the last green price candle on this chart. Meanwhile, the lines of the SRSI indicator keep a smooth upward trajectory from the oversold region of the indicator. Summing this up with the strong bullish momentum presented by the last price candle, this market will likely edge toward the 1.4000 price level.
USD/CHF: Bullish
With an array of fundamentals on the way, the USD/CHF pair has continued heading upwards. This can be seen through the last price candle on the chart. The price candle can be seen sitting just above the 9-day EMA line. The mentioned candle appears green and, as such, suggests an upward bounce off the 9-day EMA curve.
Meanwhile, the lines of the SRSI indicator can be seen having a general downward trajectory and slightly touching the support level at the 80 mark of the indicator. The lead line of the indicator seems slightly deflected sideways as if attempting a crossover. Consequently, this market may rebound toward the 0.8050 price level.
USD/CAD: Bullish
The USD/CAD market has also rebounded upwards since the previous session. The last two price candles on this chart can be seen rising above the 9-day EMA line. The mentioned candles seem moderate but suggest that this major FX pair is gathering bullish sentiment ahead of upcoming economic data.
Similarly, the SRSI indicator here is shifting toward an upside crossover while still above the 80 mark of the indicator. Therefore, an eventual crossover here will stimulate a continued upward retracement toward the 1.4000 price level.
AUD/USD: Bearish
The AUD/USD market has rebounded upward over the past three sessions. This has kept the market in a bullish state for four sessions in a row. As a result, price activity has resurfaced above the 9-day EMA curve. The last price candle here is a spinning top candle, yet it still keeps the market above the 9-day EMA line.
Simultaneously, the SRSI indicator line has an upward bearing since the last upside crossover in the oversold region. Be that as it may, traders in this market can still stay optimistic about the chances of this major FX pair proceeding toward the 0.6650 mark.
EUR/JPY: Bearish
The EUR/JPY market can be seen spiraling downward after price action hit the 175.00 resistance level. Going by this, it appears investors have targeted this level as a strong profit-taking zone. As a result, price action can be seen falling strongly toward lower price levels.
Also, a careful examination of price movement suggests that bearish momentum is on the rise. The last price candle on the chart looks bigger and redder as it dives below the 9-day EMA line. Similarly, the SRSI lines can be seen falling steeply into the oversold region. At this point, it appears the market may be looking toward the support at the 172.00 or 170.00 levels for a stop.
USD/JPY: Bearish
The lines of the USD/JPY market show a similar price dynamic to the EUR/JPY market. Here, since the past three sessions, price action has been spiraling downward. As a result, this market has sharply fallen below the 9-day EMA line.
Bearish momentum can be seen picking up pace, going by the last price candle on the chart. The lines of the SRSI indicator can also be seen dipping sharply into the oversold region. Going by the general trend in this market, it may soon hit the 146.00 and 145.00 price levels.
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