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Data from the US economy came in mixed yesterday, with manufacturing indices printing stronger than expected results and industrial production data coming in short.
A reversal chart pattern can be seen on the 4-hour time frame of AUD/CAD, indicating that the pair’s climb may be cut short and may soon reverse. The heand and shoulders formation has a neckline around the 1.0150 minor psychological support, which the pair is testing at the moment.
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The lack of major catalysts from the US economy led the dollar to give a mixed performance in recent trading. It was able to pack gains against the pound but consolidated to the euro.
NZD/JPY is currently finding resistance at the top of a rising wedge pattern visible on the pair’s daily time frame. A shorter-term head and shoulders pattern can be seen, with a breakdown from the neckline still pending.
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The US dollar gained ground in recent trading when risk sentiment started to favor lower-yielding currencies.
Ahead of today’s UK major economic events, GBP/USD has formed a head and shoulders pattern on its 1-hour time frame. The pair has also recently broken below an ascending trend line connecting the price lows then pulled up for a retest before heading back down.
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The US dollar had a mixed performance in recent trading, as it consolidated to the euro and Canadian dollar but managed to extend its wins to the yen and the franc.
USD/CHF has made a strong rally after bouncing off support on its 4-hour range. The pair has been moving sideways between the .8750 minor psychological level and the resistance around .8925.
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The US dollar had a mixed trading day before the week came to a close, as most traders booked profits off their dollar longs ahead of the key events this week.
After months of consolidating inside a symmetrical triangle pattern on its 4-hour time frame, EUR/JPY finally picked a direction when the ECB hinted that it could ease in June. The pair fell below the triangle support and is indicating that further losses could be in the cards.