The USD/CAD pair regained positive momentum on Friday, recovering a portion of its overnight drop to two-week lows, thanks to a combination of supportive factors.The US dollar has regained favour as US Treasury bond yields have risen again.Apart from that, a softer tone around crude oil prices weakened the commodity-linked loonie, giving the USD/CAD pair a lift.Meanwhile, any further advance could run into resistance near the 1.2600 mark (38.2 percent Fibo. level).The overnight swing high, about$1.2625, is next, and if it is cleared, a short-covering rally could ensue.The USD/CAD pair could then attempt to reclaim the 1.2700 level, with intermediate resistance near the 61.8 percent Fibo. level, around the 1.2655 region.The bullish momentum could be extended further, potentially challenging the 1.2740-50 heavy supply zone. The 1.2520 standard, on the other hand, now appears to be acting as immediate support.The USD/CAD pair would be vulnerable to retest multi-year lows in the 1.2470-65 area if there is any follow-through selling, resulting in weakness below the main 1.2500 psychological level.
After RBA Governor Philip Lowe's speech in the early Asian session on Monday, the AUD/USD falls from an intraday high of 0.7763 to 0.7758.Despite RBA's Lowe's best efforts to sell the Australian government's policies, his recent remarks on inflation and jobs seem to have weighed on the quote.Mixed signals from risk catalysts, as well as a cautious mood ahead of China results, may also put the pair buyers to the test. When a clear break above the two-week-old resistance line, now support, favours AUD/USD bulls to battle the 21-day SMA, which is currently at0.7785, a clear break above the two-week-old resistance line, now support, favours AUD/USD bulls to battle the 21-day SMA, which is currently at 0.7785.
During Tuesday's Asian session, the EUR/USD seesaws within a 30-pip trading range above1.1910, currently up about 1.1930.Following a two-day losing streak, the quote is struggling to find a consistent path.While EUR/USD sellers are taking a break, the pair's further weakness is suggested by Friday's downside break of the 21-day SMA over the 100-day SMA, as well as bearish MACD.As a result, the 1.1900 support level will provide immediate relief to EUR/USD sellers.The bears will find it difficult to overcome a convergence of the 200-day SMA and a 4.5-month-old rising trend line, which is currently around 1.1845.
The index is currently down -0.09% percent at 91.74, and a break of 92.50 (2021 maximum Mar.9) will expose 92.75 (200-day SMA) and then 94.30. (monthly high Nov.4).The next level of support, on the other hand, is at 91.36 (weekly low Mar.11), followed by 91.05 (high Feb.17), and finally 90.75. (50-day SMA).
USD/JPY has struggled to capitalise on the BOJ's minor tweaks-induced bounce above the 109-level, as mixed results in Japanese equities and a retreat in US Treasury yields have brought the JPY bulls back into the game.The spot reverses gains and now trades near daily lows at 108.95.
After a recent bounce off 1.1836 during Wednesday's Asian session, the EUR/USD now rounds to 1.1850-45.As the US dollar remains on the front foot around the monthly peak, the currency major fell to a two-week low earlier in Asia.A lack of significant catalysts, on the other hand, appears to provide immediate relief to the bears.Even though a clear break of the 200-day SMA, now at1.1862, indicates the quote's further downside, a four-month low around 1.1835 becomes a difficult nut to crack for EUR/USD sellers. Immediate resistance comes at 1.1870 above this EUR can move up to $1.1900.
During early Thursday, the USD/CHF pulls up bids from an intraday low of 0.9356.On the four-hour chart, the quote maintains an upside break of the 50-SMA and 100-SMA while displaying a rounding bottom bullish chart pattern ahead of the Swiss National Bank's (SNB) Interest Rate Decision, which is set to be released at 08:30 GMT.Although the SNB's benchmark rate of -0.75 percent is unlikely to change, the bank's position on market intervention will be closely monitored.Should the central bank turn dovish, which is unlikely, a clear break of the 0.9175 hurdle, which is part of the March 09 top, will be looked for as confirmation of the pair's rally.During the rise, USD/CHF will aim for the July high near 0.9470 before heading for the theoretical target near the mid-June peak near 0.9550.Pullbacks may bring the 0.9320 support back into play, but a convergence of the key moving averages around 0.9285 will be a difficult nut to crack for USD/CHF sellers.The weekly bottom near 0.9215 and the 0.9200 threshold are also solid supports.
Further selling should be held until a clear break below the 1.1700 round-number, which will then target the 1.1610-1600 support range, which contains several lows dating back to late September 2020.Alternatively, an upside clearance of the 1.1744-52 area, which includes the reported resistance lines, would aim for the early March low near1.1835, but the EUR/USD bulls will face resistance at the 100-SMA level of 1.1865 after that.
The bulls were able to recapture the horizontal 21-day moving average (DMA), which was then at$1857, as seen on the daily chart.The EUR bulls have gained new vigor after a daily close above that mark, as they try to break out above the 200-DMA at 1.1890.Acceptance above the latter could drive the price above the 1.1900 mark, allowing for a rally towards the bearish 50-day moving average of 1.1976.The relative strength index (RSI), which is currently at49.22, is also trending below the midline, signalling caution for bulls.
Strength in the EUR/USD has stalled at the 200-day average of1.1889, as predicted, and near-term consolidation around this level should be expected.”With regular MACD momentum turning higher, our expectation is that this will be followed by a closing break higher in the near future.Strength could then stretch to the 38.2% retracement of the entire 2021 fall at1.1948/50, and possibly even the mid-March highs at1.1990/92, but the 1.1950/1.1992 zone is expected to prove a much tougher barrier, and we look for a more critical limit here.”Support for a pullback from the 200-day average moves to 1.1860 at first, with a break below that easing the immediate upside bias for a fall back to1.1823/22, where we aim to keep.Below1.1795/87, however, indicates a more pronounced rejection of the 200-day average, paving the way for a return to1.1737, then 1.1703/1.1695.