As the US dollar maintains a tentative outlook, awaiting further impetus from crucial economic data, it has restrained significant momentum in several major FX pairs. Today holds anticipation for another key data release, shaping expectations for the market ahead.
EURUSD: Bearish
The EURUSD maintains a bearish stance as the euro side remains lackluster. Despite a minor gain in dollar momentum, bears have exhibited renewed strength in the past two trading sessions, reflected in the substantial size of the corresponding price candles.
The ongoing session continues this trend, pressing the market towards the lower limit of the Bollinger Bands. While the Moving Average Convergence Divergence (MACD) suggests weakening downward forces, cautious control by bears is evident as the indicator’s line slowly dips towards the equilibrium point, hinting at a retracement towards the 1.0750 mark.
GBPUSD: Bullish
Price action in the GBPUSD market initially dipped towards the 1.2590 support this week but bounced off the midband. Despite closing in on the 1.2564 support level, the MACD indicator lines trend slightly downward toward the equilibrium level, and solid red bars indicate persistent bearish pressure. The potential to test the 1.2560 mark remains contingent on emerging fundamentals favoring the USD for this major FX pair.
USDCHF: Bearish
The USDCHF pair rebounded off the 0.8670 support level at the beginning of the week, breaching the 0.8750 resistance. However, the ongoing session sees a minor downward correction after crossing the 1.2750 threshold.
The MACD indicator’s bullish crossover below the equilibrium level suggests potential traction gain, dependent on emerging economic data, propelling the pair toward the 0.8850 mark.
USDCAD: Bullish
Bulls regrouped at the 1.3400 mark in the USDCAD daily market, correcting off this level since last week. Improved sentiment surrounding the US dollar aided the pair towards higher price marks.
Facing rejection at the mid-bollinger Bollinger Bands, the MACD indicator lines maintain an upside trajectory, indicating cautious bullishness. This implies the pair may approach the 1.3700 mark.
AUDUSD: Bullish
The AUDUSD pair reflects strength in the Australian economy, strengthening against the US dollar in the ongoing session. Despite a bearish start to the week, resurfacing above the mid-bollinger Bollinger Bands suggests favorable price action for this major FX pair. However, the impact of the US economic situation remains crucial for further assessment. The MACD indicator’s line indicates potential upward momentum.
EURJPY: Bearish
EURJPY maintains a generally bearish outlook, trading below the 159.20 mark despite minor profits in the ongoing session.
Price action hugs the lowest band of the Bollinger Bands, and the MACD lines trend downward, although the bars are pale red, signaling reduced bearish momentum. Bearish trades may hold towards the 158.00 mark, considering the position below the Bollinger Bands MA line and the MACD’s downward bearing.
USDJPY: Bullish
The sentiment favoring the US dollar over the Japanese yen places USDJPY on a moderate upside correction for the past five trading sessions. The ongoing session indicates resistance, with the pair’s price not surpassing the previous session.
Remaining under the mid-Bollinger Bands, pale red MACD bars reducing towards the equilibrium level, and the MACD line approaching a bullish crossover suggest potential confidence for a move towards the 148.50 mark if the crossover is achieved.
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