USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
USD/JPY is pressured by resistance
Information is not investment advice
USD/JPY has declined from 111.70 and went into consolidation around 107.50. On the D1, we can see that yesterday’s attempt of bulls to bring the price higher failed: the candlestick has a long upper wick and closed below all the key daily moving averages.
The United States will release ISM Manufacturing PMI at 17:00 MT time on Wednesday, April 1. The release will likely bring the USD in motion. The decline below this week’s low at 107.10 will open the way down to 106.50 (50% Fibo retracement of the March advance). The next level to watch on the downside is at 106.50. Resistance lies at 108.80 and 108.30.
Trade idea for USD/JPY
SELL 107.05; TP 106.50; SL 107.20
EUR/AUD formed a candlestick with a long upper shadow on the D1. The pair is currently testing levels below the 50- and the 100-period moving averages.
USD/JPY has recently formed a higher low at the end of last week. Today the pair is testing levels above the 50-day MA.
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GBP/USD has bounced off the key support of 1.30 and turned to the upside. The pound is widely anticipated to rally further amid rising hopes for the end of Brexit talks this weekend on Halloween.