The Forex Market - USD CAD and AUD USD Analysis
USDCAD Has a Bearish Trends:
The USDCAD pair moved with evident optimism yesterday, breaking over 1.3680 and settling above it, but we observe that recent trades are contained inside the bearish flag pattern, as the price settles below this pattern's resistance and continues to record sliding peaks.
To evaluate the reasons for today's bad start, we see that stochastic has definitely lost its positive momentum and is now beginning to overlap adversely.
As a result of these factors, we recommend a bearish bias for today, with targets beginning with breaking 1.3650 to activate the negative effect of the mentioned pattern, followed by rallying towards 1.3500 as the next main station, noting that breaking 1.3730 will halt the expected decline and cause the price to rise. Today's trading range is predicted to be between 1.3620 support and 1.3770 resistance.
AUDUSD is Staying Beyond the Support Level:
The AUDUSD pair tested and held above the 0.6665 level, followed by clear positive indications from stochastic, waiting to inspire the price to restart the projected bullish wave on an intraday basis, with 0.6780 being the next important station.
As a result, we will continue to recommend the positive trend for the foreseeable future, noting that breaching 0.6665 and remaining below it will press on the price to accomplish another negative correction, with the next objective reaching 0.6550. Today's trading range is predicted to be between 0.6650 support and 0.6750 resistance. Today's projected trend: bullish