Major Currency Pairs: Today's Developments

EUR/USD - European Session

The pair is trading again below 23.6% correction at 1.2480 as showing above, and stabilized below Linear Regression Indicators. In fact, failing to breach 1.2575 earlier weakened the upside move that started from the bottom 1.2383, and MACD is showing today a negative crossover between its columns and signal lines that are trading below line zero.

Therefore, we prefer to remain neutral today and the upside move requires stability above 1.2480 - 1.2500, while the downside move requires trading again below 1.2425 at 13% correction.

GBP/USD - European Session

The pair is moving below the previously broken short-term support, which support extending the bearish bias in the coming period suppored by the negativity of Linear Regression Indicators. Our next targets start at 1.5500 then 1.5430, and breaking it extends the bearish wave towards 1.5100. On the other hand, breaching 1.5725 pushes the pair towards 1.6000 before moving back to the downside again.

USD/JPY - European Session

The pair stabilized above 116.10 at 224% correction which is positive and forms a good support. The pair is also trading within a minor bullish ascending channel that supports the possibility of extending the upside move.

Of note, breaking 115.80 will be negative and fails the current bullish wave. Stabilizing above Linear Regression Indicators encourages us to suggest an upside move today, but we will depend intraday on stabilizing above 116.10 to keep these expectations.

USD/CAD - Technical Report

The pair failed to remain stable above 1.1275 weakening positivity. Meanwhile, the pair is still trading within the ascending channel as showing above, and the key support of this channel resides at 1.1230 followed by the significant support 1.1200.

We notice several negative signals, whereas Linear Rergession Indicators are trading in a bearish bias and RSI is moving to the downside. MACD signal lines are moving negatively below line zero forcing us to remain neutral to see how the pair will react at 1.1230 and 1.1205 before taking any decision.

AUD/USD - Technical Report

AUDUSD pair is fluctuating around 50% correction at 0.8725 while still stable above 0.8650, which forces us to keep our bullish expectations waiting to breach 0.8770 to confirm moving towards 0.8820 then 0.8910. Breaking 0.8650 pushes the pair towards 0.8625 and could extend to 0.8540.

NZD/USD - Technical Report

The pair is facing the significant interval resistances 0.7950 - 0.7960. Trading within the ascending channel showing on graph should be accompanied by stability above 0.7960 to confirm extending the upside move, especially when RSI is showing a sideways range and MACD is showing some negativity.

Therefore, we prefer to remain neutral waiting for new confirmation signals, to see if the current ascending channe will extend or will it fail in front of the referred to resistances.

Written By: ICN.com