EUR/USD is trading inside a symmetrical triangle on its 4-hour time frame as traders can’t quite establish a clear direction on the pair. Price is testing the top of the triangle around the 1.3875 levels but stochastic is reflecting selling pressure.
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The US dollar had a topsy turvy trading day as data and events showed mixed results.
AUD/CAD is currently testing a falling trend line on its 1-hour time frame, as it has pulled up after reaching the 1.0150 minor psychological support. The pair could now find resistance at the 38.2% to 50% Fib levels, which are close to the 1.0200 major psychological resistance.
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The US dollar saw a bit more volatility in recent trading as it edged lower to the Canadian dollar but rebounded to the Japanese yen.
EUR/NZD has been in a massive selling spree over the past couple of trading days, pushing the pair all the way down by at least 150 pips. Using the Fibonacci retracement tool on the 1-hour time frame though shows that the 61.8% Fib level has already been reached and may act as support moving forward.
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The US dollar was still stuck in consolidation to most of its major forex counterparts, as traders are awaiting the release of the top-tier data later on this week.
A double bottom pattern can clearly be seen on the daily chart of AUD/NZD, indicating that the recent downtrend is coming to an end. The neckline of the formation is around the 1.0900 to 1.0930 levels, although stochastic is indicating that buying pressure is fading.
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Dollar pairs were mostly in consolidation last Friday, as data from the US economy came in mixed.
AUD/USD is in a strong uptrend on its short-term and long-term time frames but it appears that buyers need to regain energy before pushing the pair higher. In the 4-hour chart, the Fibonacci retracement tool shows that the pullback could take place until the 50% to 61.8% Fib levels, which are in line with the rising trend line connecting the lows of the price.
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The US economy released mixed economic reports in yesterday’s New York trading session, printing stronger than expected durable goods orders figures while showing a weak initial jobless claims reading.