Over the past seven days, major economic events in the financial market have initiated some changes in the market direction of major currency pairs. Let’s further examine market movements and where they may be headed soon.
EURUSD: Bullish
Generally, price action on the EURUSD market has continued in its upward trajectory, which can be said to have started during the close of February. Nevertheless, during the four trading sessions, price action fell below the upward trendline that portrayed the medium-term market trend. Yet at that point, price movement still seems well positioned to continue on its upward path. This is because the last green price candle that appeared on this chart remains above the Bollinger Bands MA. Meanwhile, the Moving Average Convergence Divergence indicator curves have declined to a decisive bearish crossover. This suggests that the price may still maintain its upward path towards 1.1150 for the time being.
GBPUSD: Bullish
GBPUSD recently broke through the price ceiling at 1.2541. Also, the price movement seems to be an attempt to break through this level for good. Since two trading sessions ago, market activity has kept occurring above the broken resistance at the 1.2541 price mark. It can be noticed that the middle limit of the Bollinger Bands is gradually approaching the 1.2541 mark too. Meanwhile, the MACD indicator curves are also rising above the equilibrium level. Consequently, this suggests that more long orders may go on before trading ends for the week. This may bring the middle limit of the Bollinger Bands closer to the 1.2541 mark. In addition, such performance may set another upward path for the pair in the new week, towards the 1.2800s.
USDCHF: Bullish
USDCHF started to rebound off the price mark at 0.8860 during the previous session and has considerably extended that move in the ongoing session. At this point, price action is attempting a retracement toward the 0.8940 mark. And, unless price action can recline above this price mark, the market movement might still be regarded as a minor upside retracement. Meanwhile, the MACD indicator lines seem to have aborted a bearish crossover, and its lines appear to be rising upwards. If the buyer can mount enough buying pressure at this point, prices will break the resistance at 0.8940. This will open the door for more upside traction to locate this market, and the price may eye the 0.9020 mark.
USDCAD: Bearish
The USDCAD pair during the last trading session fell below the upside-sloping trendline. A further downward retracement has occurred and has pushed price action below the middle limit of the Bollinger Bands indicator. Consequently, this has offered a more bearish tone to this market. Also, the MACD curve is on the verge of a bearish crossover. With a little more selling pressure, the bearish crossover on the MACD indicator will occur, and prices in this market may be headed towards the 1.3400 mark.
AUDUSD: Bullish
Price action in the AUDUSD market seems to have broken into bull territory above the middle limit of the Bollinger Bands. The ongoing session seems to have posted moderate gains, as yet another bullish price candle appeared above the previous one. Likewise, the Moving Average Convergence Divergence indicator curves have delivered a bullish crossover, while its bars are green and taller. The indications perceived from the MACD seem to point out that price upside momentum is getting stronger. Summing up market indications on this front, we can anticipate that. The next resistance to break is the 0.6797 price level.
EURJPY: Bearish
Price action in the EURJPY attracted lists of short orders after it recently broke above the 150.00 price mark. This caused price action to test breaking down the newly created upside-sloping price channel, thus falling below the 148.20 price mark. However, it can be perceived that a dash price candle has just formed about the Bollinger Bands MA. Nevertheless, the MACD crossover stays consistent with its bearish crossover. This is telling that unless buyers can stage enough in the ongoing session, as portrayed by the last price candle here, EURJPY may extend a downward retracement towards the 147 price mark.
USDJPY: Bearish
During the past three trading sessions, when price action tested above the upper limit of the Bollinger Bands, there was a very sharp downward retracement, which quickly took the price below 134.85. However, it appears as if bears are having a hard time breaking the support at the 38.20 Fibonacci Retracement level. This can be seen as a dashed-shaped price candle appearing just at that level. Nevertheless, the MACD indicator is predicting that a more bearish momentum may be on the way, as it has just delivered a bearish crossover above the equilibrium level. Therefore, price action may still retrace the 132.00 price mark.
.
Leave a Reply