By Mexgroup.com
USD/CAD At New Highs
The currency pair rallied aggressively in the afternoon and reached fresh new highs after the BOC Poloz’s speech. Price has managed to erase the Tuesday’s losses and to resume the upside momentum. USD/CAD has jumped above some important resistance levels, but the breakout needs confirmation. Technically, we may have a minor consolidation here, it could come to retest the broken levels if the USDX will slip lower in the upcoming days.
The USDX climbed as much as 93.61 level, where has found temporary resistance again. The index is bullish on the short term, but remains to see how long this rebound will be because personally, I’m expecting to see a minor decrease after the current rally.
You should know that we may have a high volatility in the afternoon after the United States data will be released.
Price has jumped much above the median line (ml) of the blue ascending pitchfork and now stand above the 1.2460 static resistance as well. Has changed little in the first 30 minutes of the Asian session, but most likely will have a significant move later in the afternoon when the fundamental factors will take the lead again.
Free Reports:
Is still under some pressure despite the minor increase because is trapped within the descending pitchfork’s body, only a valid breakout from it will confirm a larger rebound in the upcoming period. Personally, I believe that will take out the dynamic resistance from the upper median line (uml) if will touch it in the upcoming days.
NZD/USD Uninspired By RBNZ
The currency pair has managed to stay above the 50% retracement level after the last two breakdown attempts. It could move sideways in the upcoming days and could even increase a little if the dollar index will slip lower after the impressive rally. However, technically is expected to drop further after the breakdown below the sliding line (sl), but maybe after a retest of the broken line.
GBP/JPY Another Breakout Attempt?
GBP/JPY tries hard to stay higher and to take out the major horizontal resistance from the 151.66 level. Price failed to reach and retest the 150% Fibonacci line (ascending dotted line), signaling that the bulls are still in the game and could take control again. The perspective remains bullish as long as the price is located above this dynamic support. GBP/JPY could jump much higher if the Nikkei stock index will resume the upside movement.
By Olimpiu Tuns
Market Analysis
https://www.linkedin.com/in/olimpiu-tuns-42746973/
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The post Daily Market Report – USD/CAD lifted by Poloz’s speech September 28, 2017 appeared first on mexgroupblog.
