The ongoing fears over the impact of a Brexit to the European Union have encouraged bearish investors to attack the EURUSD at any given opportunity with prices cutting through the daily 20 SMA. Prices are currently trading below the 50 SMA while the MACD is in the process of crossing to the downside. Previous support at 1.105 should become a dynamic resistance which may encourage sellers to send the pair towards 1.095 and potentially lower. A strong bullish move back above 1.120 suggests bearish weakness and invalidates this daily bearish outlook.
The heightened anxieties towards the impact of a Brexit to the UK economy have haunted investor attraction towards the Sterling and this has consequently encouraged bears to send the GBPUSD to fresh 7 year lows. This pair is heavily bearish and previous support at 1.400 should transform into a dynamic resistance to aid another decline towards 1.3800. Prices are trading below both the 20 and 50 SMA while the MACD has also crossed to the downside. A move back above 1.4200 suggests bearish weakness and invalidates this daily bearish outlook.
The AUDUSD is becoming increasingly bullish on the daily timeframe as there have been consistently higher highs and higher lows. Prices are trading above the daily 20 SMA while the MACD trades to the upside. A solid daily close above 0.7200 should invite a further incline towards 0.7300 and potentially higher.
This pair is extremely bearish on the daily timeframe and a decisive daily close below 112.00 should encourage a further decline towards 110.00. Prices may correct back towards the daily 20 SMA in the coming days before the potential break below this important support. The candlesticks are trading below both the 20 and 50 SMA while the MACD also crosses to the downside, all in line with the bearish bias.
The USDCAD is turning increasingly bearish on the daily timeframe and the breakdown below 1.3650 may encourage sellers to send prices lower towards 1.3450. A daily close below this same level may transform it into a dynamic resistance which should aid the decline towards the 1.3450 target. A move back above 1.3800 invalidates this daily bearish outlook.
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