AUD/USD made a strong rally yesterday thanks to upbeat jobs data, but it was unable to sustain its rally when Chinese CPI came in weaker than expected today. The pair topped around the .9450 minor psychological resistance level and is showing signs of pulling back to an area of interest.
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The US dollar lost a lot of ground to its counterparts when the FOMC meeting minutes revealed that not all Fed officials agree with Yellen’s forecast of a rate hike around six months after asset purchases end.
EUR/USD recently broke above a falling trend line on its 1-hour time frame, indicating that the downtrend is already over. The pair also surged past the 1.3800 area of interest, suggesting that more gains are in the works.
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The US dollar was still no match to its major currency counterparts as it lost a lot of ground to the franc, Kiwi, pound, and Japanese yen.
AUD/JPY recently made a strong break and sustained rally past the 94.00 major psychological level but it appears that a quick correction might take place. The pair has retreated upon reaching the 96.00 major psychological resistance and might bounce off the Fibonacci retracement levels on the 4-hour time frame.
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The US dollar drew no support from traders in recent trading sessions, as there were no major reports released from the US economy and price action was still governed by the latest NFP disappointment.
NZD/USD recently broke below a rising trend line connecting the lows of the price, indicating that the previous uptrend is already over. Before heading any lower though, the pair made a quick retracement move to the Fibonacci levels on the 1-hour time frame, possibly forming a head and shoulders pattern on the chart.
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The US dollar retreated to most of its major counterparts on Friday when the non-farm payrolls report churned out weaker than expected results.
After trending lower towards the end of last year and the start of this year, CAD/JPY has formed a consolidation pattern and is indicating a possible reversal of the previous downtrend. A triple bottom can be seen on its 4-hour time frame and a break above the neckline could confirm the potential rally.
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The US dollar managed to end the day higher than most of its major counterparts despite a round of weak economic data.