AUD/CAD Breaks the Upper End of a Range

JFD Team JFD

AUD/CAD traded higher yesterday, breaking above 0.9050, which is the upper bound of the sideways that contained most of the price action since August 1^st. The rally also brought the rate above the downside resistance line drawn from the high of April 17^th, as well as above the 0.9065 zone, marked by the highs of July 31^st and August 1^st. So, having all these technical sighs in mind, we would consider the near-term picture to have turned positive.

If the bulls are willing to stay in the driver’s seat, we would expect them to aim for the 0.9095 level soon, defined by the high of July 30^th. That said, in order to get confident on larger advances, we would like to see a decisive break above the peak of the day before, at around 0.9105. Such a break may pave the way towards the 0.9140 zone, the break of which could carry extensions towards the 0.9175 barrier, which is near the high of July 25^th, and fractionally below the inside swing low of July 22^nd.

Taking a look at our short-term oscillators, we see that the RSI moved higher and now appears ready to push above its 70 line, while the MACD lies above both its zero and trigger lines, pointing up as well. These indicators detect accelerating upside speed and support the case for some further near-term advances, at least towards the 0.9095 and 0.9105 levels.

On the downside, we would like to see a clear retreat back below 0.9005 before we abandon the bullish view. Such a move may confirm the rate’s return back within the aforementioned range, as well as below the downside line drawn from the high of April 17^th. We may then see declines towards the low of September 4^th, at 0.8982, or the inside swing highs of August 30^th and September 2^nd, at around 0.8970. If the bears are not willing to stop there either, then a move lower may allow them to put the 0.8920 zone on their radars. That zone acted as the lower end of the pre-discussed range that was in place since August 1^st.

JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services

Author

JFD Team

JFD

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.