With an array of economic data expected to be released from the US, most of the major FX pairs maintain a general upward trend. Albeit, market anticipation surrounding the greenback seems to have produced a short-term pullback in the ongoing session. Let’s get into more details below.
EUR/USD: Bearish
Even though bears are pulling one back in today’s trading session, price action in the EURUSD market stays well afloat. Trading action for this major FX pair stays above the 9-day Exponential Moving Average curve. Also, the last red price candle on the chart has introduced only minimal downward corrections in the market.
Price action can be seen floating upward above the upward-sloping trendline on the chart. At the same time, the Stochastic Relative Strength Index (SRSI) lines are still keeping to a general upward trajectory. Therefore, bulls in the market may retain their positions ahead of the expected data from the US, as prices may proceed toward the 1.2000 price level.
GBP/USD: Bullish
While some of the major FX pairs have seen a noticeable price pullback, the GBPUSD has only seen a contraction. Price activity in this market has been proceeding upward above the 9-day EMA line. The ongoing session stays green but appears quite contracted.
Nevertheless, price action in this market continues upward above the upward-sloping trendline drawn on the chart. Also, the SRSI indicator lines are proceeding upward into the peak level of the SRSI indicator. As it stands, this market may see a continued upward movement toward the 1.3750 price level, resulting in a drag on the SRSI indicator lines.
USD/CHF: Bearish
The USDCHF market has failed to breach the resistance formed by the 9-day EMA line since the start of the week. Also, in the previous session, this major FX pair saw a notable price slump. However, due to the market expectations surrounding the US dollar, the ongoing session has appeared bullish.
Albeit the bullish gains appear subdued, going by the small size of the corresponding price candle. Also, this session is occurring below the 9-day EMA and, as such, shows that most market participants are still cautious in this market. As a result, the SRSI line proceeds deeper into the oversold region. Therefore, this market may approach the 0.7800 price level subsequently.
USD/CAD: Bearish
Similar to the trajectory of the USDCHF market, the USDCAD also has a bearish trajectory. The major FX pair has proceeded downward since the start of the week. However, due to the anticipated US data, it has experienced a minimal pullback in today’s trading activity.
Meanwhile, the ongoing session stays below the 9-day EMA line, and as such, maintains the impression that bears are still in the lead. The applied SRSI indicator lines are both in the oversold region and maintain a bearish trajectory there. Therefore, this market may fall toward the 1.3700 level subsequently.
AUD/USD: Bullish
The AUDUSD market has been able to maintain its general trend. This is so despite the minimal pullback in the ongoing session. As a result, trading continues above the EMA lines and above the 0.6650 price level.
Nevertheless, the SRSI indicator lines are also in the overbought region, but keep proceeding sideways at the 96 threshold. While the ongoing session stays afloat and is represented by a red price candle, the behavior of technical indicators is suggesting that upside forces are lurking and may resume action shortly toward the 0.6700 price level.
EUR/JPY: Bullish
The EURJPY market has been able to breach the 173 threshold and seems ready to advance despite the ongoing pullback in the market. The ongoing session settles above the 9-day EMA line but appears as a red price candle. Despite this, price action stands above the 9-day EMA line as it floats upward toward the 175 threshold.
Meanwhile, the lines of the SRSI indicator are at a bearish convergence. The bearish crossover hasn’t occurred yet, but an eventual bearish crossover will bring trading below the 9-day EMA. This will be critical, as it may indicate a strong downward pullback toward the 172.50 price level.
USD/JPY: Bearish
The USDJPY market has also continued to descend lower since the start of the week. As a result, the major FX pair descended clearly below the 9-day EMA lines. At the same time, the ongoing session stays in the bearish territory.
Similarly, the SRSI indicator lines are in the oversold region but seem to have snapped out of the sideways trend and now descend lower into the oversold region of the indicator. As it stands, should the anticipated economic data arrive and favor the bears, this market may touch down at the 145 price level..
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