A reversal chart pattern can be seen on the 4-hour time frame of AUD/CAD, indicating that the pair’s climb may be cut short and may soon reverse. The heand and shoulders formation has a neckline around the 1.0150 minor psychological support, which the pair is testing at the moment.
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The lack of major catalysts from the US economy led the dollar to give a mixed performance in recent trading. It was able to pack gains against the pound but consolidated to the euro.
NZD/JPY is currently finding resistance at the top of a rising wedge pattern visible on the pair’s daily time frame. A shorter-term head and shoulders pattern can be seen, with a breakdown from the neckline still pending.
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The US dollar gained ground in recent trading when risk sentiment started to favor lower-yielding currencies.
Ahead of today’s UK major economic events, GBP/USD has formed a head and shoulders pattern on its 1-hour time frame. The pair has also recently broken below an ascending trend line connecting the price lows then pulled up for a retest before heading back down.
USD
The US dollar had a mixed performance in recent trading, as it consolidated to the euro and Canadian dollar but managed to extend its wins to the yen and the franc.
USD/CHF has made a strong rally after bouncing off support on its 4-hour range. The pair has been moving sideways between the .8750 minor psychological level and the resistance around .8925.
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The US dollar had a mixed trading day before the week came to a close, as most traders booked profits off their dollar longs ahead of the key events this week.
After months of consolidating inside a symmetrical triangle pattern on its 4-hour time frame, EUR/JPY finally picked a direction when the ECB hinted that it could ease in June. The pair fell below the triangle support and is indicating that further losses could be in the cards.
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The US dollar made a pretty strong recovery in recent trading as risk aversion returned to the markets. Initial jobless claims came in stronger than expected at 319K versus the estimated 328K increase in claimants, adding another boost to the dollar. For today, only the JOLTS job openings data is up for release and this might not move the dollar as much.