2020-06-17 • Updated
The last Monday was depressive, Tuesday changed gears later in the day, while Wednesday is cautiously positive. Most currency pairs appear to be a bit confused by this scrambled beginning of the week. Consequently, charts are showing either consolidation or slow retraces on the previous moves.
Against both the US dollar and the Japanese yen, the AUD trades at the level were local uptrend and downtrend collide. The current disposition in line with the Awesome Oscillator suggests it may slide down to touch the supporting uptrend and eventually get back up to test the downtrend marked above.
NZD/CAD is showing a pure sideways motion since the first week of June. In the last episode, it inched above the channel’s resistance of 0.8780 and slid down to its support at 0.8720. The current local uptrend suggests it may be the beginning of another bullish wave – the Moving Averages will be capping and checking this upward intention.
The US dollar gave up a bit of its positions against the CAD, dropping down to the local support of 1.3510 in a downtrend since last Friday. Against the JPY, it is in fluctuation in the channel between the levels 107.50 and 107.20, currently testing the resistance of the 50-MA.
Against the USD, the EUR is crouching upwards after an undone peak at the beginning of the week. The resistance of the 50-MA at 1.1282 is being tested and will check if the current bullish push is enough to advance higher. Against the GBP, the EUR is dropping after a sharp drop on Tuesday – the bearish target lies at 0.8950.
This kind of market sentiment is pretty prone to quick changes on any income from the fundamental side. Meaning, as soon as there is any news that seems relatively important, these sluggish movements may quickly reverse or gain a higher pace. For this reason, watch the news carefully and prepare for some movement.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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