The USDCAD is trading in a range between 1.2800 and 1.2400 since it reached a five year new high. On Tuesday the pair rejected the resistance area forming a Pin Bar. According to Price Action, a breakdown of the candle could be an opportunity for a sell in the short term. Pay attention, however, to Wednesday US data release, especially to Non Farm Employment Change and to ISM Manufacturing PMI.
The AUDCAD is trading in a congestion that seems like a triangle pattern after January highs. Yesterday the pair formed what in Price Action is called a Pin Inside Bar, in other words a Pin Bar enclosed inside the previous candle. A breakout of the Pin might be a short term opportunity for a buy. However, there are important news for the Australian Dollar in the next hours. Pay attention especially to the Employment Change.
The AUDNZD is retracing after a strong downtrend caused by the triple top. The pair reached a low at the 1.03515 level and is trading upon a bullish trendline which has been tested five times. Yesterday the AUDNZD formed what in Price Action is defined Pin Inside Bar, in other words a Pin Bar included in the previous candle. A breakdown of the candle corresponds with the breakdown of the trendline. That could be an opportunity for a sell. However, important macroeconomic news are going to be released for the australian dollar in the next hours. Pay attention especially at the RBA Interest Rate decision.
The USDJPY is trading in a defined uptrend since last summer. After a chain of higher highs, the Yen is forming a Symmetrical Triangle. This Technical Analysis pattern is a continuation pattern for the 80% of the time. A breakout of the triangle may bring the USDJPY to new highs towards 1.2400 area.
The EURCAD traded between Yesterday high/low range. Looking at the Price Action, the EUR/CAD formed ad Inside Bar. In additon, the pair rejected the 21 EMA forming a Pin Bar. A breakdown of this Pin Inside Bar might be a short term opportunity for a sell.
The EURUSD keeps falling since May 2013 after the Double Top formation. The 200 SMA maintains a strong bearish slope. Last week the Euro reached the 1.17550 level and today we've had a retest. If the support holds, next resistance could be found at the 1.18690 level and at the 1.20400 level (low of 2012). On the downside support could be found at the 1.16518 level (low of 2005).
The AUDUSD keeps falling since September after it failed in breaking level 0.94100. In the last week, the pair reached the support level at 0.80670. If the support holds, the first resistance could be the bearish trendline while the second one could be found at the 0.83150 level.
