EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
USD/CAD looks vulnerable
2020-07-31 • Updated
If the market gets confirmation that Canadian economy is doing better than the US one, which had a very bad Q2, USD/CAD will suffer. The pair is already trading within a downtrend. June lows have provided support near 1.3315, but the resistance line from the March highs is limiting the upside around 1.3460.
On the H4, support is located at 1.3400 (50-period MA). A decline below this level will open the way down to 1.3355.
Trade idea for USD/CAD
SELL 1.3395; TP 1.3355; SL 1.3415
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?
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