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The FxPro Analyst Team

USDCAD and EURUSD Trade Below Major Resistances

USDCAD is currently trading at the major resistance zone, between 1.3400 – 1.3450.

The price is holding above the near term major support zone, between 1.3330 – 1.3360, which is providing a solid support.

The current trading pattern is likely to oscillate in the range between 1.3360 – 1.3450.

The 4 hourly Stochastic Oscillator is around 80, suggesting a pullback, the price is likely to test the support line at 1.3360 again.

For today, the major price driver will be the US Non-Farm Payroll and the Canadian job market figures for October, to be released at the same time at 12:30 GMT. It will likely influence the pattern of USDCAD.

The resistance level is at 1.3450, followed by 1.3500.
The support line is at 1.3400, followed by 1.3360 and 1.3330.

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Yesterday EURUSD retraced after testing the short term major resistance zone, between 1.1120 – 1.1140.

The current price is still holding above the downside upper band of the uptrend channel support, yet trading below the resistance level at 1.1100. The bullish momentum is likely to be restrained at this zone.

The current trading pattern is likely to oscillate in the range between 1.1060 – 1.1140.

The resistance level is at 1.1100, followed by 1.1120 and 1.1140.
The support line is at 1.1060, followed by 1.1030 and 1.1000.

Keep an eye on the US Non-Farm Payroll and Unemployment Rate figures, to be released today at 12:30 GMT, as it will likely influence the trend of EURUSD.

Nevertheless, it happens sometimes the initial move is followed by a reversal within 1-2 hours, taking caution on that.

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5/5(1)