GBPCAD has been moving in a downtrend on its 4-hour time frame but appears to be finding support at the bottom of the rising channel. Price has bounced off the 1.8000 major psychological level and might rally up to the middle of the channel or the top.
USD
The US dollar consolidated to most of its major forex counterparts recently, although it did enjoy a bit of support when the US GDP was upgraded from 4.0% to 4.2%. Initial jobless claims came in at 298K, closely in line with estimates and the previous figure.
GBPJPY has been on a downtrend, as a falling trend line can be drawn to connect the recent highs of price. The pair is finding resistance at the 172.00 major psychological level, which could continue to keep any gains in check.
USD
The Greenback returned some of its recent forex wins since there were no major US reports to give it a boost yesterday.
After rallying strongly last week, it appears that USDJPY could be in for a reversal as a head and shoulders pattern can be seen on its 1-hour forex chart. Price is currently testing the neckline of the formation, still pending a breakdown and confirmation for the potential selloff.
USD
The US dollar had a mixed performance as it extended its gains to the euro and the pound but retreated to the Canadian dollar.
USDCAD seems to be exhausted from ts recent climb, as a reversal chart pattern can be seen on its 4-hour time frame. The pair is forming a double top after failing to break past the 1.1000 major psychological level in a couple of attempts. Price has yet to drop to the neckline at 1.0850 before completing the pattern.
USD
The US dollar retreated to some of its major forex counterparts in recent trading, allowing a few weekend gaps to get filled.
AUDJPY recently made a strong break past the 96.00 major psychological resistance level, which has acted as a long-term ceiling for price rallies. This could be a sign that more gains are in the cards for the pair, but a correction might take place first before it heads further north.
USD
The US dollar gapped up against its forex counterparts over the weekend as Yellen’s Jackson Hole testimony turned out to be positive for the currency.