USD/JPY is currently in a new uptrend but this has yet to be established, as the pair is making an attempt to test the rising trend line on the 4-hour time frame. Stochastic bounced from the oversold zone but headed back down, indicating that there’s enough selling pressure to push for a trend line test.
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The US dollar advanced against its major forex counterparts again when risk aversion popped back in the financial markets.
EUR/CAD might be in for a retest of the broken neckline and support at the 1.5000 major psychological level, with the ECB set to ease in today’s rate statement. Stochastic is already pointing down, which means that bears are in control at the moment.
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The US dollar took a quick break from its strong rallies as risk appetite picked up in recent forex trading sessions.
NZD/USD selloff might soon hit a floor, as the pair is approaching the .8400 major psychological support level. This is in line with a former resistance level and the 50% Fibonacci retracement.
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The US dollar had a very strong start to the trading week, as it raked in gains against the euro, Loonie, and yen. The US ISM manufacturing PMI showed a decent improvement from 54.9 to 55.4, slightly lower than the consensus at 55.7 but still a positive reading.
USD/CAD has been moving sideways for almost a month already, which is not at all surprising for this pair that usually ranges. The pair has found support near the 1.0830 level and resistance at 1.0920, creating a 90-pip range.
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The dollar continued its dominance on Friday as risk aversion stayed in the financial markets. Small bounces among major forex pairs were seen towards the end of the US session, as traders booked profits ahead of this week’s top-tier events and central bank statements.
EUR/USD is currently finding support at the bottom of the rising channel on the daily time frame while stochastic is indicating deeply oversold conditions. If the support area holds this week, EUR/USD might make its way to the middle of the channel or the nearby resistance at 1.3750.
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The US dollar continued to advance against most of its major currency counterparts in recent trading as risk aversion haunted the financial markets.