USD/CAD appears to have completed its bullish correction at the monthly S1, and soon we should see a re-test of the 100-day SMA at 1.2925.
"The market pricing for the risk of a November RBA rate cut should reverse, and higher front-end yields will assist to support a firmer Australian dollar."- Commonwealth Bank of Australia (based on Bloomberg)Pair's OutlookThe Aussie is struggling to regain upward momentum, even though AUD/USD has recently broken through the neck-line of the double bottom. In order for the pair to
EUR/JPY is about to break out of the triangle it has been forming since the end of 2014, and Thursday's ECB press conference could serve as a catalyst.
The precious metal continues losing value for a fourth consecutive day on Tuesday.
Despite having tested the immediate support, the USD/JPY still managed to edge higher yesterday, somewhat strengthened by the improvement in the NAHB Housing Market Index.
A correction took place on Monday, pushing the GBP/USD slightly higher.
Even though daily technical indicators are pointing strongly to the north for now, the price of the Euro against the US currency is unlikely to move noticeably higher in the short term.
The New Zealand Dollar almost erased last Thursday's losses on Friday, but the immediate support kept the NZD/USD at bay.
The USD/CAD surprised with i
The Australian Dollar declined against its US counterpart, but remained above the monthly R1.
On Friday the EUR/JPY cross reached the 136.00 major level, but was then pushed back by the weekly PP and 55-day SMA resistance cluster, causing the pair to close at 135.53.
XAU/USD held above the crucial technical level on Friday, namely the 200-day SMA at 1,175.
As was anticipated, improvements in the US fundamentals on Friday caused the USD/JPY to overperform and breach the 119.20 resistance.
The British currency was unable to pierce the resistance cluster at 1.5485, ultimately suffering a 34-pip decline.
Bears continued to dominate the EUR/USD currency pair on Friday.
The New Zealand climbed higher against its US counterpart, prolonging its bullish trend.
As anticipated, the 1.29 level failed to hold the losses on Thursday, causing the USD/CAD to plunge to the second support cluster.
Mixed US fundamentals limited the Aussie's gains yesterday, causing the pair to retreat from erasing Tuesday's losses.
The European currency decline to the 134.80 point on Thursday, due to ECB's Governing Council member's remarks.
It is a critical moment for gold, as the precious metal is fighting to stay above the 200-day SMA in order to confirm a strong bullish signal and establish a new support area near 1,176.
The ten-month support at 118.50 was tested yesterday, forcing the USD/JPY to recover from harsh downside volatility.
The Cable experienced minor volatility on Thursday, ultimately suffering a slight decline on mixed US economic data.
EUR/USD came under heavy fire once it approached the 1.15 level.
The single currency appreciated against the Japanese Yen, erasing Tuesday's loss.