Daily Market Analysis from ForexMart

[Andrea ForexMart]

USD/CAD Technical Analysis: December 28, 2016

 

The stock market of Canada is close due to U.K’s official holiday, Boxing Day. While the release of GDP and CPI last week has changed the supposition of the Canadian regulator for the easing of its monetary policy in the near future. The pair remains in the hands of the buyers within its 6-week high. The greenbacks regain some of its losses because traders pushed the price towards the 1.3540 from the previous 1.3500 level.

 

The short-lived upward momentum further weakened in the predetermined level where the buyers came across the resistance of the sellers.

 

According to the 4-hour chart, the USDCAD hovered on top of the moving averages. The 50-EMA cross over the 200 and 100 EMA in an upward direction. While the 100 and 200-day moving averages are neutral and the 50-EMA headed up. Resistance highlighted the 1.3540 region, support sits in the 1.3470.

 

The MACD histogram grew less which confirmed weak position for the buyers. RSI remained overvalued.

 

If the 1.3540 region were unable to break, it would cause for a downward correction when the pair plunge below the 1.3470 support level. The next potential target of the sellers is 1.3400. The pair is able to expand its gains towards 1.3589 if the buyers break higher.

[Andrea ForexMart]

NZD/USD Technical Analysis: January 3, 2017

 

The trading session of the pair NZD/USD has high volatility on Friday as traders settle their positions in closing for the year end. A slightly supportive candle is seen to form with a strong resistance at 0.70 level while it is supportive on prior trading session. The exhaustive candle pattern encouraged sellers to be active, trying to move the price towards the 0.68 level. The U.S. dollar remains strong while the New Zealand dollar is expected to be lower as greenback dominates the trend.

[Andrea ForexMart]

EUR/GBP Technical Analysis: January 3, 2017

 

The pair EUR/GBP declined last Friday and has been carried on for quite some time. There’s quite a resistance above the psychological level on the direction towards the 0.87 level that signals an opportunity for selling. The market is trying to move the levels further downward on the way to the next target at 0.83 handle, With the strong resistance for this pair, one way to trade this pair is to sell it moving along the surge on its short-term charts that continues to go downward.

[Andrea ForexMart]

EUR/JPY Technical Analysis: January 3, 2017

 

The EUR/JPY had an initial rally on Friday, however, shifted to another direction and formed an exhaustive candle logically. The pair was unable to break out through the upside and continued to consolidate on its current place. Meanwhile support level hovered in a lower position in order to maintain the market out of debt and any other difficulty. The price floor of the market settled near the 120 region. The next potential target is 125 mark, favoring a higher level against longer-term trends. Selling interest seems little no importance as of this writing.

[Andrea ForexMart]

GBP/JPY Technical Analysis: January 3, 2017

 

The British pound paired with the Japanese Yen rallied last Friday as it moved ahead of the hammer pattern on Thursday. This event caused many buyers to return to the market as it moved near the 145 level. A break above the aforesaid level will drove towards the 150 region.

The GBP/JPY continued to have a significant dip by which the market in return would increase buying opportunities. On the other hand, the price floor of the pair is below the 140 handle.

[Andrea ForexMart]

NZD/USD Technical Analysis: January 9, 2016

 

The kiwi expand its recovery against its U.S peer during the middle session of Asia. Meanwhile, the NZD/USD is unable to move further the 0.7050 level and bounce back after it touched the aforesaid level.

 

During the EU session, the pair remained in a tight range that lies in the middle of 0.7000 and 0.7030. Another session of selling interest drove the New Zealand dollar downwards prior to the opening of the NY trades.

 

The price had a steep decline towards the 0.7000 range and extended its losses. According in the 4-hour chart, the price pushed the 50 and 100-EMAs higher and the 200-EMA was tested. It continued to struggle together with the neutral 200-EMA in the course of the EU hours. Moreover, the 50-EMA ascended, at the same time the 100-EMA moved southwards. Resistance touched the 0.7050, support is seen at 0.7000.

 

The indicators en route north around the bullish zone. The MACD histogram increased, favoring buyer’s strength. The RSI lies in overvalued territory.

 

The technical represents a bullish momentum. A The technical picture presents a bullish tone. A rapid price decline on top of the 0.7050 impedes the increase within the 0.7100 resistance level.

[Andrea ForexMart]

GBP/USD Technical Analysis: January 9, 2017

 

There is no major economic news anticipated in the United Kingdom last Friday. While the data from U.S affected the market as traders awaits for the figures of trade balance and labor data.

 

After it reached the 1.2430 level in the Asian session, the GBP/USD weakened and shifted downside. The British currency returned to the support region 1.2400 where it met a stable support during the morning trades.

 

The cable pair extremely toggles in a narrow range amid EU session waiting for a renewed stimulus. Furthermore, a selling interest arises before the onset of the NY trades as it pushed the pair downwards.

 

As shown in  the 4-hour chart, the price drove the 50 and 100-EMAs higher. The pair remained in the middle of the neutralize 200-EMA and bearish 100-EMA in the earlier trading. Resistance entered the 1.2400, support touched the 1.2300 region.

 

The technicals had a moderate reversal from the overbought zone. The MACD indicator traded in the downside. The RSI stayed around the overvalued readings.

 

In case the GBPUSD breakout within the 1.2400 resistance level upon the establishing of buy orders, the price recovery may extend through the marks 1.2450 and 1.2500. However, a negative signal and further risk easing would emerge when a movement push through the 1.23 level. Furthermore, sellers were able to send the pair towards 1.2200.

[Andrea ForexMart]

USD/CAD Technical Analysis: January 10, 2017

 

The commodity-linked Canadian currency moved back as the dollar strengthened and oil prices declined. A bearish bias prevailed on Monday. The price tried to recover however, the 1.3260 hurdle prevents it to continue.

 

Upon reaching the aforementioned level, the greenbacks rebounded from the barrier and progress towards the 1.3190 region afterward.

 

The price continued to develop under the moving averages as indicated in the 4-hour chart. Shown in the same trading chart, the 50-EMA extended over the 100-EMA downwards. Moreover, the 50 and 200-EMAs maintained a lower position while the 100-EMA held an upward direction. Resistance lies at 1.3260, support entered the 1.3190. The MACD indicators improved which confirmed weak seller’s position. RSI hovered in the oversold readings.

 

The bearish sentiment is preferable to dominate as of now, another downtrend is further expected.  The next target of the sellers are 1.3120 and 1.3190. The USD/CAD is able to bounce off its losses supposing that it breaks the 1.3260 handle upwards so it can reached the 1.3330 region.

[Andrea ForexMart]

GBP/USD Technical Analysis: January 10, 2017

 

As the week starts, the British currency was marked red. The GBP/USD softened due to rising concerns about Hard-Brexit. However, the price index of Halifax provided minor support for the pound because the House Prices published a higher than expected results. Meanwhile, sellers consistently manage the  overall market on Monday.

 

The sterling had a downward price break during the daily trades opening as it promptly spread its weakness until the 1.2200 level.

 

After the pair reached the level, the pressured area continued to fade while the pair advance towards the consolidation phase. However, the consolidation was short-lived making another bout of selling pressure which drove the Cable to the 1.2100 area.

 

A downward momentum further faded with some pips on top of the 1.2200 handle after it touched the 1.2123 mark, the price rebounded and lessened the amount of their losses.

 

The 1-hour chart showed that the sterling lead the moving averages towards a lower point, seeing the  50-EMA descended while 200 and 100-EMAs are trending flat. Resistance took the 1.2200 range, support entered the 1.2100.

 

The MACD indicator jumps into the negative zone. In case the histogram hovered in the negative territory, sellers will strengthen. The RSI stay close to the oversold condition, indicating another lower movement.

 

As shown in the 4-hour chart, the bearish bias will prevail. Sellers were able to come at 1.2100 level in the near-term, heading to 1.2000. There is still a possibility for the GBPUSD to make an attempt in reclaiming the resistance regions 1.2200 – 1.2230.

[Andrea ForexMart]

EUR/USD Technical Analysis: January 11, 2017

 

The positive data from the Investor Confidence in Euroland had strengthened the single European currency yesterday. While, the U.S dollar was able to regain its losses last Tuesday as the Fed told to support the rate hike in 2017. The traders look forward to the ongoing status for Trump’s first conference scheduled today.

 

Moreover, the momentum of EU appears to be short-lived having touched the 1.0600 level amid the morning trades on Tuesday. After the daily high was set at 1.0626, the EURUSD moved back under 1.0600 in the post session of the European open.

 

The sellers drove the EUR downwards prior the opening of the New York trading. As shown in the 4-hour chart, the price resumed its development on top of the 200-EMA which considered to be pair’s support. The 200 and 100-EMAs were trending flat while the 50-EMA headed upwards. Resistance entered the 1.0600 region, support is at 1.0550 handle. The technicals gradually approached the lower positive territory.

 

The MACD histogram declined which confirmed weak position for the buyers. The RSI oscillator hovered around the undervalued zone.

 

According to forecast, the bearish pressure will be renewed in the near-term. A rapid decline below the 1.0550 mark would indicate further vulnerability for the pair. The next bearish target is posted at the 1.0500 level.

[Andrea ForexMart]

GBP/USD Technical Analysis: January 11, 2017

 

The British pound had maintained its present stance on the back of the remarks made by PM Theresa May. The hard-Brexit continue to affect the investor’s sentiment while the attention of investors was focused on the data release of Industrial and Manufacturing Production.

Bears remains to dominate the market and their holds are becoming tighter.

 

Furthermore, the sterling continued to weaken on Tuesday followed by the short consolidation amid the Asian hours. The sellers moved the cable downwards and touched the 1.2100 level in the London session.

 

The 4-hour chart showed the price stayed below the moving averages and further cope with the consolidation period before the opening of the NY session. The MAs preserved its bearish trend. Resistance plunged into the 1.2200, support lies at 1.2100 region. The technicals shifted towards a lower point.

 

The MACD indicator had a dip which favors strength for the sellers. The RSI stick around the oversold levels.

 

The GBP seems oversold in the near-term which allows reversal of losses. The probable minor recovery around 1.2200 provides an opportunity for short positions. The pair may not change its movements in the near future even though the readings suggests an oversold condition.

 

The sellers have the chance to regain its seat in case the trend will reached 1.2100 and lead the cable through 1.2000.

[Andrea ForexMart]

AUD/USD Technical Analysis: January 11, 2017

 

The Aussie presented a sluggish stance yesterday as the Retail sales data showed negative results. The pessimistic input for the Chinese CPI had affected the currency as well.

Moreover, an attempt to surpass the 0.7350 level were unsuccessful.

 

Buyers advanced to 0.7385 where AUD/USD found some fresh offers and declined to 0.7350. Having tested the aforesaid level, sellers resumed its struggle to push the price downwards.

 

During the morning trades, the price tested 200-EMA as indicated in the 4-hour chart. It further stalls the bull’s movement to continue forward as it acted as the spot’s resistance.

 

The 200 and 100-EMAs are neutral while 50-EMA edged higher as mentioned in the same timeframe. Resistance holds 0.7400 level, support is seen at 0.7350 region .

 

MACD indicator dwindled and implied weak position against the buyers. RSI consolidated around the undervalued readings.

 

As the forecast says, bearish bias kept prevailing in the market. In the most probable scenario, if the price focus below the 0.7350 support level the short-term downtrend could possibly continue. The next target of the sellers are marks 0.7250 and 0.7300.

[Andrea ForexMart]

USD/JPY Technical Analysis: January 16, 2017

 

The USD has attempted to regain its losses against the Japanese yen during the previous trading session as the market went unaffected by a slew of highly positive economic data from China, namely Exports and Imports data, as well as the Chinese Trade Balance data. During the Tokyo trading session last Friday, the USD was able to regain its upward balance following its recent decline, while buyer strength manifested positive bid stances which caused the pair to exceed 115.00 points prior to the opening of the North American session. But this upward movement eventually lost its momentum which then caused the USD/JPY pair to drop back to lower than 115.00 points. Traders also induced the currency pair to drop further to 114.00 points during the middle of the New York trading session. The USD/JPY pair was able to test the 50 EMA in the hourly chart. Resistance levels for the USD/JPY is situated at 115.00, while support levels are expected to be at 114.00 points.

 

For the next trading session, the USD/JPY pair could possibly decrease further in value and could hit 114.00 up to 113.00 points unless buyer strength could help the currency pair to consolidate just above 116.00 points.

[Andrea ForexMart]

GBP/USD Technical Analysis: January 16, 2017

 

The USD regained its previous losses following the release of a highly positive Producer Price Index data, while the sterling pound dropped in value as a response to dollar strength and the recent uncertainties surrounding the Brexit process. The GBP/USD pair lost its momentum as it reached over 1.2100 during the early trading sessions last Friday. As the European trading session opened, the pound regained its losses and buyers induced the pricing of the currency pair to increase and reach 1.2200 points during the European session. However, the pair’s momentum faded almost immediately afterwards, with the GBP extending its losses up to 1.2118 points.

 

The moving averages for the currency pair were all able to sustain its bearish stance, and resistance levels for the GBP/USD pair are expected to be at 1.2200 points. Meanwhile, support levels are expected to be at 1.2100 points. The GBP/USD pair could revert back its losses if it manages to regain its strength at the 1.2200 trading range. If the currency pair will be able to exceed this particular value, then this could cause the bulls for the currency pair to drive the value of the pair towards 1.2300. On the other hand, if the pair drops and moves toward 1.2100, then this means that seller strength will be returning and will cause the pair’s price to plummet further towards 1.2000 points.

[Andrea ForexMart]

EUR/USD Technical Analysis: January 16, 2017

 

The release of economic data from the US last Friday lended some much needed support for the US dollar. The retail sales data dropped in value and failed to meet market expectations, while the data for the Producer Price Index came out on a highly positive note and exceeded market expectations. Meanwhile, the EUR continued to incur losses in spite of upbeat data coming from the European Union, such as the German Wholesale Price Index as well as the Spanish Consumer Price Index.

 

The euro tried climbing up during Friday’s session but was able to regain its upward bias during the Tokyo session after euro sellers encountered a price barrier at 1.0600 which then caused the EUR to drop in value. As the London session commenced, the EUR/USD pair rose and hit 1.0650 points, with the euro regaining all of its previous losses during the opening of the North American trading session. The price of the currency pair continued its climb and exceeded its moving averages as seen in the 4-hour chart. The 50 and 100 EMAs are currently pointing in an upward direction, while the 200 EMA stayed within neutral territory. Support levels for the EUR/USD are projected to be at 1.0600, while resistance levels are expected to be at 1.0650 points.

 

If the EUR/USD pair is unable to exceed 1.0650, then this could cause selling interest for the pair to return. However, if the pair drops and breaks through 1.0600 points, then traders are advised to monitor 1.0550 and 1.0500 points. The EUR/USD will only be able to recover if it is able to sustain its stance at 1.0650 points.

[Andrea ForexMart]

USD/CAD Fundamental Analysis: January 16, 2017

 

The USD/CAD remained to trade close on its range lows on the back of the dollar’s strength recovery. While the prices of oil appeared to have an optimistic result which assisted the CAD keep in the short term.

 

The pair plunge under  the 1.3100 level following the extensive weakening of the dollar, however, it immediately found buying pressure which supported the pair to return on top of 1.3100.

 

Over the past few months, the USDCAD showed a consistent uptrend and every correction met a prompt and strong bounce which seems to be repetitive. The way towards the 1.400 medium target suggest a slow progress and the main uptrend supported the bulls to purchase every correction.

 

Recently, the pair have acquired more  buyers and there are banks that started to advise their clients regarding the 1.40 target.

 

The strong Canadian data with a weak economy of the country is the reason why traders are directed to maintain a hard clean break under 1.3000 which signals that an uptrend has ended.

There are no major economic data from Canada for this day since it was a bank holiday in the United States. It is further expected for a consolidation and ranging close to the range lows today.

[Andrea ForexMart]

GBP/USD Fundamental Analysis: January 16, 2017

 

The GBP/USD closed the week with a sluggish stance and struggled to maintain its gains. These events put on some fears against the pound bulls because this will weigh over the Cable upon the return of dollar’s strength.

 

The pair stayed below the 1.2200 on Friday until the weekend took place which triggered indications for a hard Brexit. This caused for the pair to create a large gap and traded shortly under 1.2000.

 

The strong economic data of the UK shown for the previous months did not influenced the sterling’s value at all. However, it is deemed that the British currency is able to withstand its current situation and will accumulate gains afterwards. Looking forward, the bulls still needs to endure the worst impact as the bears tend to insurge. The hard Brexit cause risk and confusion for the investors which made them think twice prior pound purchase.

 

In the last two weeks, there are news about the UK's possibility to employ hard Brexit, whereas, PM May’s speech is highly anticipated within this week. This event brought the Britain’s economy a tough time but we believe the country will become much stronger eventually.

 

For today, we expect no new UK economic release and losses is further expected with a fundamental near-term target of 1.17.

[Andrea ForexMart]

EUR/NZD Technical Analysis: January 17, 2017

 

A break higher than the minor resistance of 1.5007 is seen from 1.5235 level. This is followed by a next  break at 1.5193 completes the second wave towards the 1.5837 third wave level. Beyond the third level indicates a long-term position while trying to confirm the latest correction completes the zig-zag correction. On the other hand, the  support levels could go towards the 1.4778 level before the next unexpected surge comes in.

 

Currently the Resistance level of the pair comes in at 1.5007 then 1.5050 towards 1.5193 levels while the Support level is seen at 1.4841 then 1.4810 towards the 1.4778 levels. The Pivotal turn is at 1.4895 level with buying opportunity when the price breaks more than the 121.687 level.

[Andrea ForexMart]

USD/ CAD Technical Analysis: January 23, 2017

 

The USD/CAD pair traded with a bullish tone on Friday. The uptrend reached the 1.3330 level in the beginning of the trading session. Later that day, the buyers were able to surpass the level as it persists to move higher in the mid-European trading session. Yet, it was not able to reach the 1.3400 level as the price withdraw back to 1.3330 losing its momentum during the New York trading session.

 

The Resistance level is seen at 1.3400 while the support level comes in at 1.3330 level. The Moving Averages broke in the upper channel and the price managed to linger higher for the day as the 20-EMA moves upward. On the other hand, the 100-EMA is moving lower while the 200-EMA moves in a neutral chart. Overall, the MACD histogram implies the buyers leading the market. Moving with it, the RSI was set within the overvalued readings where a new high is still possible.

 

Both the Retail sales and Consumer Price Index Reports did not meet the expectations of investors. Nevertheless, this has minimal effect to the currency but it is still under pressure despite the strong greenback.

 

The pair maintained its upward direction from 1.3018 level following the consolidation state of the uptrend at 1.3387 level. A close higher than the 1.3330 level may set it in motion to move towards 1.3400 level and if the pair strongly sets at 1.3400, this indicates the continues uptrend. However, if the market fails to break higher than the 1.3400 level, this would mean a negative outlook to the market.

 

Overall, the price trend remains bullish ranging from 1.3240 level to 1.3387 level until the next days to come but if the sellers dominate the market, this could move the price towards the 1.3190 mark instead.  If the market is able to maintain the current support level at 1.3240 level, the market could anticipate a continuous uptrend with the next target at 1.3500 level.

[Andrea ForexMart]

USD/JPY Technical Analysis: January 23, 2017

 

Subsequent to the speech made by Janet Yellen, the US dollar abated. But the greens reversed few of its losses on Friday on the back of the inauguration speech of Donald Trump.

The greenbacks attempted to reach 115.00 barrier amid Asian hours. The bulls pushed the level prior to the onset of the EU trading. The price was unable to maintain its upward impetus and turn back through 115.00 eventually.

 

The 4-hour chart indicates that the price rebounded to the 50-EMA during the Asian session and it further moved between the 50 and 100-EMAs in the Euro hours. The 100 and 50-EMAs employ a downward trend while 200-EMA was confined in the flat lining. Resistance touched the 116.00 level, support hit 115.00 area.

 

The MACD histogram arrived in the positive zone and if it hovered on its position, the buyers will strengthened. RSI stayed around the overvalued territory.

 

The general outlook for the pair remained to be bullish as it rack up through the resistance region 116.00.

 

The USD/JPY could fail and return to the downside in case the 115.00 handle were unable to support the bullish investors.

[Andrea ForexMart]

NZD/USD Technical Analysis: January 25, 2017

 

As the Asian session emerged, the bullish momentum appeared to be short-lived yesterday. The price failed to hold its gains and reversed down from the 0.7250 level. Sellers expanded their profits breaking the price through 0.7200 region amid the EU trades. The selling interest was unable to maintain its position upon reaching the region and endured price rejection upwards.

 

The NZD/USD is confined on top of the moving averages based on the 4-hour chart. The 100 and 50-EMA kept its bullish stance while 200-EMA was flat. Resistance touched 0.7250 mark, support entered 0.7200 handle.

 

The MACD tool still presented the same position as buyer’s strength continued to grow. The RSI settled close to the oversold readings, confirming another lower trend.

Meanwhile, the 0.7250 barrier is the next bullish target. In case, a return occurred towards 0.7150 there is a probable decline against the 0.7100 support.

 

[Andrea ForexMart]

GBP/USD Technical Analysis: January 25, 2017

 

Traders have locked in few profits prior to the ruling of the UK Supreme Court regarding the EU exit. The court should make a decision if it is required for a Parliament approval in launching the Article 50.

 

The market structure presented a bullish sentiment on Tuesday. Buyers were unable to regain 1.2500 level and needed to give up the floor to the sellers. A renewed buying interest around the greenbacks had supported the US currency to recover from its recent lows.

Sellers were able to lead the price lower amid Asian session, however, failed to move beyond the lower mark 1.2460 before the onset of the EU hours.

 

The GBPUSD keep on sliding through the area of 1.2450 before the opening of the New York session. According to the 4-hour chart, the moving averages are trading mixed. The 200-EMA preserved its bearish signal while 100 and 50-EMAs moved higher as the 50- day MA crossed the 100-EMA upwards.

 

MACD grew less which confirmed growing strength for the sellers. RSI stayed in the overbought area.

 

A break on top of the 1.2500 mark is the least required point in order to establish a bullish resumption. The most probable scenario is that buyers could take the price through the 1.2540 region and took 1.2600. While a close below the level 1.2400 will lessen the prevailing upward pressure but before reaching this level, a buy signal will be implied.

[Andrea ForexMart]

EUR/USD  Technical Analysis: January 30, 2017

 

The European currency slowed down followed by the improvement on the dollar’s stance. The euro were left flat-out due to the absence of the market-moving news in the calendar. The EUR resumed to move down smoothly overnight and break away from the near-term rising channel. The euro had traded mixed as the Asian trades opened and hovered in the tight ranges of 1.0650-1.0690.

 

The EURUSD is confined in the neutral position in the morning EU session and met renewed bids within 1.0700 level. It further rallied around the level, en route 1.0750 prior to the outset of NY hours.

 

According to the 4-hour chart, the price leads the 50-EMA lower and headed northwards together with the 100-EMa. The spot hovered on top of the 100 and 200-EMAs eventually. Resistance is seen at 1.0750, support hit 1.0700.

 

The MACD proceeded to the negative zone and if the histogram stayed in this area, the position of the sellers will improve. The RSI lies in the oversold territory near the neutral ground.

A close on top of the 1.0700 mark will produce renewed bullish indicator which is possible to advance towards 1.0750.

[Andrea ForexMart]

GBP/USD Technical Analysis: January 30, 2017

 

The sterling softened on the back of the demand growth for the greenbacks. The GBPUSD was able to recover few of its losses subsequent to the meeting between Trump and May.  The US data showed some pessimism which further hit the pair higher.

 

The British currency loses its value against its U.S peer during the night trades on Thursday. The spot was removed from 1.2600 level and placed in 1.2500 region amid Asian session. The pound extends its losses during EU hours, en route 1.2500. However, the level stalled the seller’s progress and kicked the spot higher. The price resumed its development on top of the moving averages as shown in the 4-hour chart while the 100 and 50-EMAs stirred upwards and the 200-EMA sits in the neutral position. Resistance touched 1.2600, support jump in the 1.2500 mark. The MACD histogram weakened which further slowed down buyer’s position. The RSI escaped from the overvalued territory and came in through the neutral zone.

 

The bullish outlook generally exists in the market while the pair got an opportunity to make recovery in case it surpassed 1.2600. A breakout within the 1.2600 handle would direct to 1.2700. Furthermore, the prevailing selling pressure could impact the spot and pushed below the mark 1.2500.

[Andrea ForexMart]

NZD/USD Technical Analysis: January 30, 2017

 

The American dollar was able to sustain a bid tone last Friday. Meanwhile, the markets highly anticipated for the further plans of Trump coupled with the GDP of the country for the fourth quarter. The NZDUSD kept intact in the ascending channel pattern on Friday. The price were pushed by the downward impetus toward its lower limit last 26th of January. Moreover, a recovery lasted overnight showed insignificant results. The European traders solely managed to drive the spot upwards

 

The pair was able  to expand its recovery during the NA session. The price continuously sits on top of the moving averages according to the 4-hour chart. The 100 and 50-EMAs moved  higher while 200-EMA is positioned in the neutral trend mentioned in the similar chart.

 

Resistance entered 0.7300, support reached the 0.7250 region. The MACD indicator confirmed weak buyer’s position as it decreased steadily. Bullish sentiment was likely to prevail for today. The short-term goal for the pair is 0.7311.