Can’t get sufficient of commodity-related currencies?
I obtained your again with USD/CAD’s multi-week resistance and GBP/AUD’s swing downtrend.
Examine them out!
USD/CAD 4-hour Foreign exchange Chart
USD/CAD is as soon as once more knocking on the 1.3200 psychological deal with!
As you possibly can see, the world has prevented bulls from making new 2022 highs at the very least thrice within the final couple of weeks.
Is 4th time the appeal for USD bulls?
Stochastic is at present on the bears’ aspect with an overbought sign.
Preserve a watch out for draw back motion that would take USD/CAD again all the way down to its 1.3070 and 1.2970 earlier areas of curiosity.
In the event you see USD/CAD busting above the 1.3200 mark, although, then you definately gotta be able to commerce attainable journeys to the 1.3350 or 1.3400 inflection factors.
GBP/AUD 4-hour Foreign exchange Chart
Right here’s one for the development playas on the market!
GBP/AUD simply turned decrease from the 1.7200 psychological deal with that lined up with the 4-hour chart’s 200 SMA in addition to a development line resistance that hasn’t been damaged since July.
GBP bears can benefit from the present bearish momentum which will nicely drag GBP/AUD all the way down to the 1.7000 inflection level.
GBP/AUD could even attain new lows under 1.6900 if the bulls don’t step in earlier than the month ends!
I’m not discounting an upside breakout although.
A transparent break above the 200 SMA and development line resistance that we’re watching can push GBP/AUD to areas of curiosity like 1.7400 or 1.7550.
Watch this one carefully, errbody!
