Look at that strong breakout by the USDCAD pair! The falling trend line formed connecting the highs of the price on the 4-hour chart has just been broken as the pair surged to a high of 1.0162. Does this suggest that the price could keep moving higher, possibly until its previous month high near the psychological 1.0300 handle? Well, the buyers might need to catch their breath first before taking the pair that high. The pair could pull back, possibly until the 61.8% Fibonacci retracement level and bounce up from the broken trend line. However, if the pair falls back below the trend line, it could slide under parity and find support at its previous week low of 0.9954.
Moving on to the guppy… There’s a rising trend line connecting the lows of the GBPJPY pair on the 4-hour chart. Right now, the price seems to be inching closer and closer to retesting the trend line. The pair could bounce after hitting the former resistance level around 139.00, which is located between the 50% and 61.8% Fibonacci retracement levels. If the pair finds support at this area, it could then climb until its recent highs at 145.00. It looks like there’s not just a double top but triple there!
Oh no! The Aussie bears took control of last Friday’s trading contest once again. The AUDUSD even gapped down to open this week on a very sad note. Presently, the pair is rallying back after falling to a low of 0.9204. Though, it could continue its trek south when it reaches the resistance at the 38.2% Fibonacci retracement level and fills up the bearish gap. If the pair breaks below today’s low, its next stop would be around 0.9150.