Technical Market Update 8th June
The pair is sloping nearby to the support line around 1.2165, The upward closing off the trend line from May which was close to 1.2115 also challenges the EUR/USD sellers before directing them to the support near 1.2095. The bearish trend below 1.2095 will make the pair vulnerable to retest last month’s swing near 1.2050 and 1.1985, on an alternate, a clear upside break around 1.2200 propels the quote to confirm the bullish chart formation.
The British Pound remained at the key level above 1.4080 against the US Dollar. The pair formed a base above 1.4100 and started the fresh increase. A successful break above the level of 1.4250 could set the pace for a larger increase. The next support is near the 1.4080 level, below which the pair could test 1.4000. Overall, the pair is likely to rise further if it breaks the 1.4200 resistance.
The pair is currently moving towards the resistance zone of 1.21000. The next support zone is at 1.19000. Look for short-term selling opportunities of the USDCAD, the pair is shaping for bullish bias according to the confluence of recent hourly price action, The hourly conditions are bullish with the move from overnight taking presumed to the critical level of resistance. Overall the pair is ranging across.
The pair recently broke below the key level of 110 after a weak NFP report. The pair retreated from the high of 109.64 to close near the lower levels at 109.19 in the New York session The Japanese final GDP data released earlier today indicated an upwards revision in the economic growth during the first quarter. The Japanese Economy Watchers Sentiment data will be released later at 1300 (GMT). The next support zone is at 110.800, Look for short-term selling opportunities.