USD/CAD

USD/CAD remain under pressure as far as 1.2995 peak is in place, and only a break above this level will call for a larger correction.

In the near-term, 1.2585 peak represents the bearish pivot in the near-term and should continue to cap any recovery attempt in the coming hours. In addition, we saw a break below 1.2500 psychological support, which can be an additional negative signal in this pair.

Finally, our outlook remains strongly negative as bears continue to dominate this pair.

Support 1.2500-1.2330-1.2175

Resistance: 1.2585-1.2610-1.2695

AUD/USD

The Australian Dollar showed some signs of recovery on Friday but remain under pressure as far as prices keep trading below 0.7670 hourly resistance.

In the hourly chart, the trend turned bearish after the pair broke below 0.7690 support level and showed a strong bearish engulfing candle following the Australia CPI figures last week, warning about a trend shift in the short-term.

However, the positive daily trend still intact and only a break below 0.7490 will send prices deeply lower.

Support: 0.7585-0.7550-0.7492

Resistance: 0.7622-0.7670-0.7765

NZD/USD

The New Zealand bounced from 0.6840-0.6820 support zone and we expect the pair to rise further in the coming days in the direction of 0.7055 daily resistance.

However, we still need a daily close above 0.7000 psychological barrier to confirm this bullish scenario. In the flipside, 0.6930 is likely to act as a strong support in the near-term and only a break below this level will call for a larger correction to the downside before the bullish trend to resume.

Support: 0.6960-0.6930-0.6810

Resistance: 0.7000-0.7055-0.7100

EUR/USD

The Euro ended last week strongly higher after bulls managed to overtook the 1.1400 psychological barrier.

As of now, we believe that the single currency is likely to rise further towards 1.1500/1.1530 resistance zone in the coming days.

In the other side, 1.1217 low represents the bullish pivot in this pair and as far as prices keep trading above this level, our view will remain positive.

To conclude, the trend remains bullish in the daily chart and we believe that the recent correction has ended around 1.1200 level, therefore, the pair should resume the upside during the week ahead.

Support: 1.1430-1.1380-1.1340

Resistance: 1.1492-1.1530-1.1580

USD/JPY

The Japanese Yen jumped to 18-month high as Bank of Japan decided to maintain its monetary policy unchanged.

The pair fell sharply and succeeded to break below 107.60 weekly support to clear the way for another leg to the downside.

The trend remains strongly bearish and the next level of interest in this pair stands at 106.20 followed by the crucial support zone of 105.

In the other hand, only a daily close above 109.45 peak will cancel this negative outlook.

Support: 106.20-105.00-104.20

Resistance: 107.40-108.20-108.75

USD/JPY

The Japanese Yen jumped to 18-month high as Bank of Japan decided to maintain its monetary policy unchanged.

The pair fell sharply and succeeded to break below 107.60 weekly support to clear the way for another leg to the downside.

The trend remains strongly bearish and the next level of interest in this pair stands at 106.20 followed by the crucial support zone of 105.

In the other hand, only a daily close above 109.45 peak will cancel this negative outlook.

Support: 106.20-105.00-104.20

Resistance: 107.40-108.20-108.75

GBP/USD

The British pound saw a clear increase in volatility last week as the pair was trading in a wide range before to confirm a strong bullish reversal in the daily chart after breaking above the 1.4500 mark.

By now, traders should be aware that the trend has turned bullish above 1.4500 level and the downside potential is likely to remain limited as far as 1.4300 low is in place.

While in the upside, 1.4700 psychological level is likely to be tested in the following days.

Resistance: 1.4670-1.4700-1.4750

Support: 1.4570-1.4540-1.4470

 

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