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 stays below 1.0700 as focus shifts to Fed policy decisions
EUR/USD stays in its daily range below 1.0700 following the mixed macroeconomic data releases from the US. Private sector rose more than expected in April, while the ISM Manufacturing PMI fell below 50. Fed will announce monetary policy decisions next.
GBP/USD holds steady below 1.2500 ahead of Fed
GBP/USD is off the lows but stays flatlined below 1.2500 on Wednesday. The US Dollar stays resilient against its rivals despite mixed data releases and doesn't allow the pair to stage a rebound ahead of the Fed's policy decisions.
Gold rebounds above $2,300 after US data, eyes on Fed policy decision
Gold gained traction and recovered above $2,300 in the American session on Wednesday. The benchmark 10-year US Treasury bond yield turned negative on the day after US data, helping XAU/USD push higher ahead of Fed policy announcements.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.
US Federal Reserve Decision Preview: Markets look for clues about interest rate cut timing
The Federal Reserve is widely anticipated to keep interest rates unchanged. Fed Chairman Powell’s remarks could provide important clues about the timing of the policy pivot.