by JustForex
The EUR/USD currency pair decreased by 0.37%. Buyers’ reaction is still very weak, but now the price has approached the global support of the higher timeframe. Furthermore, the vertical volumes have decreased, indicating that the sellers are not so active anymore.
The sellers’ pressure is still higher. However, the MACD indicator is signaling the strongest divergence. Considering the deviation of the price from the moving average, it is worth expecting a corrective bounce. Traders should look for sell deals from resistance levels within the trend. It is also possible to look for buy trades, but it is better to look at intraday intervals and with short targets.
Alternative scenario: if the price breaks through the 1.2144 resistance level and fixes above, the general uptrend is likely to resume.
The British pound fell even lower on Friday. The daily support was easily broken, which means that the sellers’ pressure is strong. But now, the price has deviated very much from the moving average, so the probability of a corrective move upward is very high.
The GBP/USD trend is bearish on the H1 timeframe. At the moment, the price is trading below the moving average. The MACD indicator is oversold, with a very clear divergence. Under such market conditions, traders are better to look for the sell trades from resistance levels. But considering the strong deviation from the average line, divergence on the MACD indicator, and the presence of support of the higher timeframe, traders can also look for the buy trades from the support levels on the intraday timeframes.
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Alternative scenario: if the price breaks through the 1.4138 resistance level and consolidates above, the bearish scenario is likely to be canceled.
The USD/JPY currency pair unexpectedly fell at the opening of the Asian session today. At the same time, the dollar index remained at the same price level. The strengthening of the Japanese yen is due to the fact that the Bank of Japan did not increase the stimulus measures but only extended the anti-crisis program on Friday. The Japanese economy is slowly but surely recovering after the pandemic.
The trend is still bullish, but the price has reached the priority change level. The movement to this level was impulsive. There was no reaction from buyers, so there is a high probability that the trend of the USD/JPY currency pair may change. Now traders should wait to see if the price can break down through the support level of 109.83. In case of a breakdown, traders should look for sell trades from resistance levels. On the other hand, if there is a strong rebound, traders should open long positions from support levels.
Alternative scenario: if the price falls below 109.83, the general downtrend is likely to resume.
The USD/CAD currency pair continues to grow without significant corrections. On Friday, the price added 0.89%. Considering such a strong trend, it is necessary to buy until there is an essential reaction of sellers in the form of an impulsive move in the opposite direction.
The trend is strictly bullish. But the price has strongly deviated from the moving average. The MACD indicator is in the overbought zone, and there are first signs of the beginning of correction in the form of divergence. Now buyers should open positions from the support levels on the lower timeframes. There are no optimal entry points for sell positions yet.
Alternative scenario: if the price breaks down through the 1.2121 support level and fixes below, the downtrend is likely to be resumed.
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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