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USDCAD eases below 1.3700; could attract new sellers in short-term Next support could emerge within 1.3600-1.3622 territory US S&P Global PMIs, Canadian retail sales on the agenda USDCAD has been tiptoeing to the downside for five consecutive trading days, increasing speculation that some stability could soon occur. The technical picture, however, suggests that the bears […]

The post USDCAD Bears Could Remain in Control appeared first on Action Forex.

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19/03/2024

Technical Outlook and Review

DXY: For DXY (US Dollar Index), the potential direction is bearish, aligning with the overall bearish momentum of the chart. There’s a possibility of a bearish reaction off the pivot level, leading to a drop towards the 1st support. The pivot at 103.64 is significant, marked by an overlap resistance and the presence of the […]
30/01/2024

EURJPY Starts a New Bearish Cycle

EURJPY trims January’s gains within bullish channel Short-term risk skewed to the downside EURJPY started a new bearish cycle within a short-term upward-sloping channel, pulling from a one-and-a-half month high of 161.85 to reach a low of 159.20 on Tuesday. Technically, the 78.6% Fibonacci retracement of the previous downleg halted January’s rally, with the 20- and […]
12/03/2024

NZDUSD Wave Analysis

NZDUSD reversed from resistance level 0.6200 Likely to fall to support level 0.6080 NZDUSD currency pair today reversed down from the resistance level 0.6200 (which stopped the previous minor ABC correction 2 in the middle of February) intersecting with the 50% Fibonacci correction of the downward impulse 1 from January. The downward reversal from the […]