by JustForex
After the outage of the Fed’s interbank system, the euro regained its position, closing the day with a slight plus. In the absence of important economic news, the pair continues to consolidate near the February highs, maintaining the upward bias against the dollar.
The main scenario for trading the EUR/USD is buying on a decline. As long as the price remains above the moving averages, the northern direction remains in priority. The ADX on the rise of the pair on Wednesday and the Asian session on Thursday shows a slight increase in bullish potential, indicating the likelihood of a breakthrough of the 1.2189 resistance level.
Alternative scenario: if the price gains a foothold below the level of 1.2109, the pair may return to the decline to 1.2023.
The sterling continues to rise gradually, closing in positive territory for the fifth day in a row. But on the daily chart yesterday, a long shadow formed at the top, and indicators signaled medium-term overbought. In the absence of important economic events, calm trading can be expected today.
The main scenario in GBP/USD is trading sideways between 1.4224 and 1.4074. Now, most of the indicators point to continued growth, but the ADX is showing a decline in bullish potential. This indicates a likely halt in growth in the short term.
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Alternative scenario: if the pair consolidates below 1.4047, it may return to 1.3819. A breakthrough of 1.4224 will indicate continued growth.
The dollar-yen pair has shown a sharp rise, having regained all lost positions for the week. The pair has followed the stock market, which appears to have completed its correction and closed the day near the highs of the year. Treasury yields, which has set a new record at 1.42%, confirm investor appetite for risky assets.
The main scenario is buying. Now the pair is consolidating near the resistance level, which may cause a pullback to the moving averages. But as long as the price remains above 105.50, buying will be relevant. All indicators are now pointing to strong bullish pressure.
An alternative scenario implies the price-fixing below 105.50. In this case, the pair may return to decline to 104.92.
The Canadian dollar continued to strengthen its position. The pair posted the largest intraday drop since February 5. The oil market remains the main driver of price decline, which has set new records. WTI crude oil managed to reach $63.50 per barrel.
The main scenario is selling. The pair has been falling non-stop, breaking through all historical support levels. Indicators point to a steady bearish trend. The ADX is growing, and on the hourly timeframe, the oversold area is still far away. The downward movement may continue without a rollback to 1.2450.
Alternative scenario: if the price gains a foothold above 1.2594, a correction to 1.2665 is likely to take place.
by JustForex
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
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