The price is more bullish above 0.7063.
June that this pair was trading in a choppy, wide range, making trading unpredictable except when fading price extremes. This would point to a long trade from a bullish bounce at 0.7143 or a short trade from a bearishat 0.7275. I recommended waiting for two consecutive higher hourly closes above the resistance level at 0.7213, and then enter a cautious long trade if you want to trade this currency pair today. This was not a good call as it led to a losing trade.
The technical picture and markets in general have moved quite dramatically since then, with risk-off sentiment coming to dominate after US CPI data last week showed a shock rise to an annualized rate of 0.75%. This sent the US Dollar higher and risk assets fallingA few hours ago, we sawthere. For how long this low will hold, is anyone’s guess –
I suggest not to have any faith in it until the price gets established above at least 0.7038 or ideally 0.7063.which might set up here today, as it is unlikely that we are going to see anything happen which really changes the risk-off sentiment currently dominating markets.Top Forex Brokers
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Forex Signal: Sterling to Retest 1.2200 Ahead of BOEThe GBP/USD pair declined sharply as odds of a more aggressive Federal Reserve continued.
Read more »
AUD/USD fades bounce off monthly low near 0.7000 as covid woes join pre-Fed anxietyAUD/USD renews selling pressure towards retesting the monthly low of 0.7000 after Beijing amplifies virus woes during early Monday morning in Europe.
Read more »
GBP/USD Forex Signal: Sterling to Retest 1.2200 Ahead of BOEThe GBP/USD pair declined sharply as odds of a more aggressive Federal Reserve continued.
Read more »
AUD/USD Price Analysis: There's something here for both the bulls and bearsAUD/USD has been in the hands of the bears due to a strong US dollar and risk-off markets with Wall Street 5% down on the week. The price, however, is
Read more »
EUR/USD bounces off monthly low to regain 1.0500 amid market’s indecision, Fed in focusEUR/USD picks up bids to consolidate daily losses around 1.0495, staying around the monthly low during a three-day downtrend amid early European morni
Read more »
Gold Price Forecast: XAU/USD eases from $1,880 hurdle on strong USD ahead of FedGold Price (XAU/USD) pulls back to $1,874, after rising to the highest levels since May 09, during Monday’s Asian session. The precious metal’s latest
Read more »