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14 Oct 2019

USD/CAD technical analysis: On the back foot below 12-week-old rising trendline

  • USD/CAD remains under pressure below key support-turned-resistance.
  • The 23.6% Fibonacci retracement, September low become likely nearby supports to watch.

Following its downside break of near-term key support line, USD/CAD declines to 1.3197during early Asian session on Monday.

The pair now aims to visit 23.6% Fibonacci retracement level of May-July south-run, at 1.3145 whereas September month low close to 1.3130 could please sellers afterward.

It should, however, be noted that the 14-bar Relative Strength Index (RSI) might drop to oversold territory during further declines and could lure counter-trend traders around 1.3130.

On the contrary, pair’s daily closing beyond support-turned-resistance, at 1.3215 now, can trigger fresh pullback to 100-day Simple Moving Average (SMA) level near 1.3240.

However, 50% Fibonacci retracement and 200-day SMA becomes a tough barrier around 1.3285/90 for buyers to confront, which if broken could escalate the recovery to monthly tops surrounding 1.3350.

USD/CAD daily chart

Trend: bearish

 

Oct 14, 2019

EUR/JPY technical analysis: Momentum stalling below of trendline support

Overcoming the 6-month downtrend at 118.77 and rising from 116.58/115.87 recent lows, EUR/JPY rallied to the September highs which meet the July lows,
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WTI bulls eye a run towards the 200-DMA

West Texas Intermediate crude prices are firm in the open having penetrated the 21-day moving average following a solid performance at the endo f last
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