EUR/JPY is still on a steady downtrend as the pair gears up for another test of the descending trend line resistance on its 4-hour time frame. Price has recently bounced from its recent selloff and may retest the 137.00 major psychological resistance.
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The US dollar had a good trading day as it rallied against most of its major counterparts in recent trading.
AUD/USD recently broke below the short-term support area on a smaller range and may be poised to test the bottom of the larger range visible on the 4-hour forex time frame. Price has traded below the .9350 area and made a small pullback before resuming its drop.
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After its recent strong rallies, the US dollar paused and consolidated to most of its major counterparts.
USD/JPY has recently made a strong upside breakout from the descending triangle on a longer-term time frame. From there, price has made a strong rally past 102.00 then formed a bullish flag pattern, indicating that there could be buying pressure left.
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The US dollar had a strong positive reaction to better than expected advanced GDP data, which showed that the economy expanded by 4.0% in the second quarter of the year.
AUD/USD had been trading inside an ascending triangle chart pattern for quite some time before breaking to the downside and indicating that further losses could be in the cards. Price has found a bit of support at the .9300 area and may be due for a pullback, as stochastic is starting to move out of the oversold zone.
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The US dollar was still in rally mode yesterday as data from the US economy came in stronger than expected.
NZD/USD has been selling off strongly in the past few days, yet the pair could be in for a relief rally as it is finding support at the bottom of the rising channel forming on its 4-hour forex time frame.
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Data from the US economy was weaker than expected yesterday, as the flash services PMI held steady at 61.0 instead of improving to the expected 62.3 reading.