USDCAD
The US dollar is gaining traction and rises towards target at 1.3299, high of last Friday, after cracking initial 1.3279 barrier, Fibonacci 61.8% retracement of 1.3351/1.3164 pullback. The pullback is seen as corrective action of larger uptrend and was contained by rising daily 10SMA that was providing initial support.
Shallow correction and subsequent bounce, revive near-term bulls, for fresh attempts towards peaks at 1.3347/51, highs of 25/26 Aug, for resumption of multi-month uptrend, on break higher.
Positive last week’s close and the pair being on the track for the fourth consecutive bullish monthly close, give positive signals.
Ascending daily 10SMA, underpins at 1.3201, guarding daily 20SMA, currently at 1.3146, loss of which to weaken the structure.
However, caution is still required, as RSI / MACD bearish divergence has formed on daily chart and may bring downside risk in play, in case of upside rejection under 1.33 barrier and subsequent fresh weakness.
Res: 1.3299; 1.3351; 1.3400; 1.3465
Sup: 1.3242; 1.3224; 1.3201; 1.3146
The US dollar is gaining traction and rises towards target at 1.3299, high of last Friday, after cracking initial 1.3279 barrier, Fibonacci 61.8% retracement of 1.3351/1.3164 pullback. The pullback is seen as corrective action of larger uptrend and was contained by rising daily 10SMA that was providing initial support.
Shallow correction and subsequent bounce, revive near-term bulls, for fresh attempts towards peaks at 1.3347/51, highs of 25/26 Aug, for resumption of multi-month uptrend, on break higher.
Positive last week’s close and the pair being on the track for the fourth consecutive bullish monthly close, give positive signals.
Ascending daily 10SMA, underpins at 1.3201, guarding daily 20SMA, currently at 1.3146, loss of which to weaken the structure.
However, caution is still required, as RSI / MACD bearish divergence has formed on daily chart and may bring downside risk in play, in case of upside rejection under 1.33 barrier and subsequent fresh weakness.
Res: 1.3299; 1.3351; 1.3400; 1.3465
Sup: 1.3242; 1.3224; 1.3201; 1.3146
Recommended Content
Editors’ Picks
EUR/USD comes under pressure near 1.0630
Further gains in the Greenback encourage sellers to maintain their control over the risk complex, forcing EUR/USD to retreat further and revisit the 1.0630 region as the US session draws to a close.
GBP/USD stays firm amid BoE, Fed commentary and US data
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.