CAD/JPY has been moving inside a descending triangle pattern on its daily forex time frame, as price made lower highs and found support at the 92.00 major psychological level.
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Economic data from the US was mostly stronger than expected last Friday, allowing the dollar to keep rallying against its major counterparts.
AUD/USD has been making higher lows and finding resistance at the .9460 area, creating an ascending triangle on its 4-hour time frame. The pair just found resistance at the top of the triangle and is on its way to test the bottom, which might continue to hold as support.
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The US dollar found its legs in yesterday’s trading session when US data came in mostly in line with expectations.
USD/CHF has been in a sharp selloff for the past couple of weeks, mostly due to US dollar weakness. However price has started pulling up after dipping close to the .8850 minor psychological support.
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The US dollar had another weak run in the latest trading session, as risk appetite picked up at the start of the new trading month and quarter.
The rising channel on AUD/USD’s 1-hour forex chart is still holding and it appears the pair found resistance at the .9500 major psychological level, which lines up with the top of the channel. At the same time, stochastic is moving down from the overbought zone, indicating enough selling momentum to take the pair lower in the short-term.
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The US dollar lost a lot of ground to its forex counterparts at the end of the month and quarter, despite mixed economic data.
The downtrend of EUR/AUD is still intact, as the pair is trading below a falling trend line on its 4-hour time frame. However, the upcoming events this week could be crucial in determining whether this trend will carry on or not.
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The US dollar had a strong run on Friday, as data from the US economy came in mostly better than expected and traders booked profits off their dollar short positions.