The pair moved sharply to the upside stabilizing above 61.8% correction represented in 1.3625 levels which might extend the upside move towards 78.6% and 88.6% corrections at 1.3715 and 1.3770 respectively. Linear Regression Indicators are positive supporting this positive outlook, but the pair has to stabilize above 1.3555 over intraday basis today to keep the bullish possibility.
GBP/USD
The pair dropped yesterday but is still stable above key resistance level of the bullish continuous technical formation and around 113% Fibonacci level. In fact, stability above 1.6260 keeps the bullish possibility, but trading below Linear Regression Indicator 34 weakens positivity; the pair broke the bullish support showing on graph. Therefore, we prefer to remain intraday neutral in the European session waiting for new confirmation signals.
USD/JPY
he pair corrected about 23.6% of the latest bullish wave that started from 96.93 and ended at top 103.37. The pair rebounded to the upside and is currently touching around Linear Regression Indicator 34, as it is still trading below the bullish move line that was previously broken.
The possibility of extending the bearish correction today is valid, as stabilizing below 102.55 will strengthen this possibility within the downside correction that isn’t over yet.
USD/CHF
The pair dropped and is trading again below key resistance level of the downside move starting from 0.9753. Stability below 0.9000 indicates losing the bullish momentum and started a new bearish wave which first target is the previous bottom at 0.8892. Today, trading below 0.9065 is negative while trading below 0.9000 is more negative.
USD/CAD
Linear Regression Indicator 34 halted the bearish correction yesterday and remained stable above 1.0605 which we count on to keep our intraday positive expectations. Linear Regression Indicators are still positive encouraging us to expect another bullish attempt within trading in the ascending channel showing on graph.
Of note, momentum indicators are showing overbought signals, but they are not important unless the pair breaks 1.0555 levels represented in 88.6% correction.
AUD/USD
The pair completed a minor double bottom pattern by breaking above 0.9040-0.9050 resistance, and that hints a possible upside correctional move over intraday basis. RSI is also showing a strong bullish divergence.
NZD/USD
Again the pair rebounds strongly after testing the key 200-days SMA, as price ends the trading session higher. Accordingly, we expect the pair to remain supported over intraday basis.