EUR/USD and GBP/USD on the rise, while USD/CAD hits key support
EUR/USD and GBP/USD on the rise, while USD/CAD hits key support.
EUR/USD rangebound after latest failed breakdown
EUR/USD failed to break below the $1.193 swing low on Wednesday, with the pair instead rallying back towards the recently respected $1.1286 resistance level.
We are awaiting a breakout from this range as a signal of where we go from here, and until such a break happens we are likely to remain rangebound.
GBP/USD rebound takes price above trendline resistance
Interestingly, this has taken the pair above a descending trendline, with the price subsequently finding support on that level. With that in mind, there is a good chance we will see further upside to come. However, we would need to see a break through the $1.2581 level to bring about greater confidence of a bullish phase for GBP/USD.
USD/CAD trading back at key support level
USD/CAD has been trending lower throughout the course of the past two months, with the pair recently consolidating above the $1.3018 level over the course of this week. We are back at that key breakdown level this morning, and the reaction to that level will be key for how we end the week.
Watch out for whether we can see an hourly close below that $1.3018 support level as a signal that we are expecting to see a breakdown from here. Given the wider bullish trend, the breakout is expected to be a bearish one. However, we are ultimately waiting for a break from this $1.3018-$1.3095 range to provide confirmation of the next signal for this pair.
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