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Forex Technical Analysis
The EURUSD has been ranging recently, holding between support at the 200 simple moving average and the 21.4% fibo retracement level. If price breaks below the 200 SMA support I’ll be looking for downside to continue into the 38.2% fibo retracement level at 1.16950. Alternatively a break of the fibo resistance & the 50 / 100 moving averages to the upside would signal a bullish market continuation.
On the hourly chart price has broken below the immediate support trendline & is trading below the 50,100,200 & 500 moving averages. The next key support lies at 1.18350.
The AUDUSD is holding onto the 50 MA support by its fingernails after finding resistance at the 21.4% fibo level. The daily trendline also lies just below price, providing another technical support. If these supports are broken look for price to test the previous daily lows at the 38.2% fibo level (0.7620).
On the hourly chart price is cycling its way to the upside slowly. If we see price find support above the trendline look for the next leg to the upside. Price is wedging between the support & resistance trendlines.
GBPUSD Technical Analysis
Price has been moving sideways going on two weeks now, still holding above the daily trendline and 50 moving average. If the 50 MA holds as support look for upside to retest the 1.4200 level
On the hourly chart price is forming a wedge, with the trading range getting progressively smaller. Look for a break of the wedge for a directional confirmation.
USDCAD Technical Analysis
USDCAD has rebounded off fresh 52w lows, having been in a strong downtrend for over a year now. Just below price lies the 2018 low at 1.224, a significant support level.
Price has retraced back into the hourly trendline, given an RSI sell signal & also created RSI divergence. The 200 moving average is also currently a dynamic resistance giving another confluence. Price may continue downside back into the fresh lows at 1.2400.
Price has rejected out of the resistance trendline & the 50% fibo level. The RSI has also generated a ‘sell’ signal. Below price lies the 38.2% fibo level which may act as a daily support. There are multiple confluence for downside.
The 1h 61.8% fibo level is holding as resistance currently. Should the level continue to hold & downside commence a key level lies at the 161.8% extension (0.91130).