USDCAD reverses into a bearish trend
For intraday bias, the USDCAD
is now showing a slight bearish reversal in its candlestick sentiment, as prices are showing bearish traction in its movement. Currently, prices are now moving at 0.9767 and already penetrated its key support line of 0.9772. Its RSI (14) indicates that prices are now moving near its oversold level, as prices is nearing its bearish divergence pattern, indicating that prices might drop further for the coming hours. The MACD (9, 12, 26) alo indicates that prices are now moving near the bearish divergence and indicates that prices might dip later.
Meanwhile, the weak signals shown in its Technicals are not in conformity with the positive signals shown in its fundamentals as markets turned risk averse after US economic data shows moderate signals. In addition, concern about global growth as indicated by IMF managing director Lagarde reported that China’s economy is still slowing down however it may not have bottomed yet but pressure on sentiment and resulted in a modest correction in risky assets. Further, the Greenback is now stronger as compared to its yesterday signals as it outperformed most of its major counterparts in today session, with the exception of the Japanese yen which signaled strength in its currency valuation.
USDJPY reversing into a bullish rise
For the intraday bias, expect the USDJPY
to show a major rise in its price action, as prices are currently moving in an upwardly manner at 77.90 confirming its major rise at the moment. In addition, the 5-day EMA, and 9-day SMA are now crossing each other showing a bullish pattern at the moment. Meanwhile, the RSI (14) and MACD (9, 12, 26) both indicate that prices are now rising near the overbought level and might project further climb for the coming hours. Thus, a buy position is recommended.
GBPUSD is now dropping and reversing
For the intraday bias, anticipate the GBPUSD
to show a slight dip in its price action, as prices are showing a slight bearish signal and currently moving at 1.6229 penetrating its key resistance turned support lines of 1.6245 confirming its bearish pattern at the moment. With its 5-day EMA and 9-day SMA is now showing a bearish three brother pattern brewing at the moment. Its RSI and MACD are indicating that prices are now above the oversold level and might drop further for the coming hours. Its Bollinger Bands (21) is showing support for the bearish trend at the moment. A sell position is recommended.
USDCHF is showing a bearish signal
For the intraday bias, expect the USDCHF
is showing a bearish signal in its movement, as prices are currently trading at 0.9348 and might hit its key support line of 0.9322 causing prices to drop and become oversold. Its Bollinger Bands (21) is showing support for its bearish signal as its lower channel is showing confluence in its pattern. While, its RSI and MADC are both pointing to prices becoming oversold and might reverse for the coming hours. With its 5-day EMA hitting its 9-day SMA and 21-day SMA indicates that its bearish pattern remains stable. Thus, a sell position is recommended