USDCAD testing fresh resistance
The American dollar extends the rally as the pair attempts to break above 1.4000.
- Price action has moved another 30 pips higher after weeks of upward dominance.
- A bullish continuation would be a decisive signal that the greenback could extend towards 1.4065.
- 1.3915 is the first support in case of hesitation, and 1.3840 is a critical support to maintain an upward bias.
EURJPY remains bullish
Improved risk appetite continues to favour the Euro, with the pair gaining over 100 pips in recent sessions against the Yen.
- As the pair sticks to a brief consolidation, a hold above 185.50 could force short-term sellers out, leaving the door open to a potential broader extension.
- The round number of 186.00 is the next hurdle higher.
- On the downside, a move below 185.00 is needed for sellers to test the previous bottom towards 184.20.
Dax index (Ger40) reaching for a peak
The Dax index (Ger40) reached a fresh peak in recent sessions as the index looks to continue higher.
- Prices look to remain elevated after hitting a double bottom.
- 24900 is the next target ahead, although the RSI’s indecisiveness could lead to a reversal if buyers start to close some profits.
- 24200 is the closest support, and 2400 is the next layer of defence in case of a deeper retreat.
Trading the forex market requires extensive research, and that’s what we do best
