Although recent weakness of the US Dollar fueled EURUSD towards nearly seven-week high, an upward slanting trend-line, forming part of short-term "Rising-Wedge", confined the pair's up-move during early Tuesday, indicating a mild pullback towards 1.0700 round figure. Should US housing details trigger fresh advances of the greenback, the pair could drop below 1.0700 and test 1.0670 but formation support-line of 1.0655 might limit its further declines. In case if prices break 1.0655 TL, the quote confirm Bearish technical pattern and signal its plunge to 1.0580 & 1.0510. However, an upside rally beyond 1.0785 negates the downturn portraying pattern and might help the pair aim for 1.0850 & 1.0875-80. Given the pair continue on its upward trajectory beyond 1.0880, the 1.0910 & 1.0955 are likely north-side numbers to appear on the chart.
GBPUSD's up-move following a break of four-month old descending trend-line was aptly confined by 1.2550-55 horizontal-line, which presently fetches the pair towards resistance-turned-support TL of 1.2430. If the quote stretches its profit-booking below 1.2430, the 1.2350 and the 1.2310 may entertain sellers prior to offering them 1.2200 round figure support. In case of the pair's reversal from present levels, 1.2550-55 continues being a short-term strong resistance, breaking which it can rally to 1.2630 and the 1.2710 before confronting 1.2770-80 horizontal-area. Given the Bull power strengthens the pair beyond 1.2780, its north-run towards 1.2900 can't be denied.
Even after clearing five-month old descending trend-channel during earlier sessions, the NZDUSD failed to sustain the break and is presently witnessing pullbacks to 0.7200 round figure. Should prices extend latest correction below 0.7200, the 0.7140 and the 200-day SMA level of 0.7095 become important to watch before 0.7045-50 support-confluence, comprising 50-day SMA & 38.2% Fibonacci Retracement of its January – September upside, give rise to chances of witnessing another U-turn. Alternatively, pair's daily closing above 0.7235 keep favoring its upside to 0.7275 and then to 0.7320. In case if the quote manages to surpass 0.7320, the 0.7400 might act as intermediate halt before flashing 0.7480 for Bulls.
Following its failure to break 1.3380-85 horizontal-line, USDCAD dropped to 1.3210 and is currently witnessing another U-turn towards 1.3300 round figure. Should the pair manages to surpass 1.3300, it can aim for 1.3355 and then to 1.3385; however, a break of 1.3385, which seems difficult, could open the door for its northward trajectory to test 1.3460. Meanwhile, 1.3210, quickly followed by 1.3190-85 horizontal-line, can entertain short-term sellers, breaking which 1.3150 may come into existence. If the pair becomes Bears' favorite and breaks 1.3150, the 1.3100, 1.3075 and 1.3015 supports might comeback.
Cheers and Safe Trading,