USD/CAD Retreated from 1.2620

The USD/CAD pair started the new week trading around last sessions highs, but found resistance at 1.2620 before turning to the downside. The current market price is 1.2569 and it seems that bears are likely to test 1.2540 area (last weeks lows).

Technically speaking the short term outlook remains neutral to bearish. On the four hour time frame the price is developing below its moving averages. The 20-day SMA has turned flat while the 100-day and 200-day SMA are keeping downward slopes. Stochastic is showing strong bearish momentum and is nearing oversold area. RSI has lost directional strength and currently is located at 36.

First support is seen at 1.2540 and second at 1.2520, which is broken to below doors are opened for testing 1.2500. To the flip side first resistance is provided by 1.2620 and next at 1.2675.

A key event for the week is the Bank of Canada’s meeting on Wednesday, which is expected to keep the policy rate on hold at 1.25%. The greenback is unstable and weak due to the political woes and with the supportive oil USD/CAD seems to favor the downside.  

NZD/USD Bears reversed the bullish trend

This week the NZD/USD pair regained levels that has not been visited since mid February. But today the kiwi reversed sharply when bulls were about to conquer the 0.7400 handle. The current market price is 0.7353, which is the mid March’s high. 

Technically speaking the short term outlook remains neutral to bearish. On the four hour time frame the price is developing below its flat 20-day SMA and bullish 100-day and 200-day SMAs. RSI is located around its mid-line and has lost directional strength. Stochastic is showing strong bearish momentum and is nearing extreme oversold territory.

The bears succeeded to reverse the bullish trend. Now the downside is supported by 0.7344 (the daily low) which is broken will lead the pair towards the swing high at 0.7323. Looking to the upside resistance is standing at 0.7400 handle followed by 0.7440.

EUR/GBP At lowest level since May 2017

The single currency continues to struggle against the Sterling, suffering from yesterday’s ECB meeting minutes revealing dovish stance. The combination between weak common currency and strong Sterling today drove the EUR/GBP pair to its lowest level since May 2017.
Technically speaking the short term outlook remains bearish. On the four hour time frame the price is developing well below its moving averages. RSI and located within oversold territory  and both are showing strong bearish momentum.
Further falls are possible along with the lack of any significant economic releases.
 EUR/GBP is currently trading at 0.8636 and a break of 0.8600 figure will set new target for the bears around 0.8530 region. 

AUD/USD Found support at 61.8% Fibo

AUD/USD performed excellent today and marked daily high at 0.7773, escaping from the bottoms during the last two weeks. Currently the pair is trading at 0.7756, having slightly pulled back due to the influence of geopolitical tensions that drove oil and gold higher.

Also the FOMC minutes supported the downward slope, but the pair found support at 61.8% Fibonacci retracement of latest November 2017 to January 2018 bullish run at 0.7745.

Technically speaking the short term outlook remains truly neutral. On the four hour time frame the price is developing above its moving averages, having bullish 20-day SMA and flat 100-day and 200-day SMAs. RSI and stochastic are showing overbought conditions, but both are losing directional strength.

Until the pair holds above 0.7740, the sentiments will remain in favour of the upside with bulls aiming towards next Fibonacci resistance at 0.7820. The downside is supported by 0.7740 and lower at 0.7700.

EUR/USD Aiming 1.2400 ahead of FOMC's Minutes

The EUR/USD pair continues to march higher today and almost reached the 1.2400 hurdle ahead of the release of US inflation figures, which as expected came out with Core CPI at 2.1% in March, up from 1.8% in February. 

Technically speaking the short term outlook remain neutral to bullish. On the four hour time frame the price is developing well above its moving averages. Currently the bullish 20-day SMA is crossing to above the flat 100-day and 200-day SMAs , which are providing support around around 1.2320 area. RSI and stochastic are showing overbought market but both had eased and seems that are looking for direction.

First target for the bulls comes with the 1.2400 level and next is 1.2320. On case of conquering doors are opened for testing 1.2475 area. On the flip side below the pair is supported by the above mentioned SMAs.

Next on the agenda is the release of the latest FOMC Minutes with expectation of no significant surprises, but it’ll be interesting to observe how the pair will react.

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John Paulson is one of the most famous hedge fund managers nowadays. Paulson became world-famous in 2007 by shorting the US housing market, as he foresaw the subprime mortgage crisis and bet against mortgage backed securities by investing in credit default swaps.
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In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By the end of the year  John Paulson earned more than $15 billion for his company, although he had pulled off the greatest trade in financial history.

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