Stealing a phrase from Timothy Leary and adding a twist. The sixties were a tumultuous time and marked a time of rapid change. Today, I think that many people, businesses and government are suffering Futureshock, with its debilitating effect of paralysis, and creative destruction of old guard business power.
USDCAD is showing signs of a pullback on its 1-hour time frame, as the pair bounced off the 1.2200 major psychological support area. Price is now testing resistance at the 38.2% Fibonacci retracement level, which lines up with the short-term 100 SMA.
The AUDUSD pair initially fell during the course of the session on Thursday, but bounced enough in order to form a bit of a hammer.
GBPUSD is currently stalling at the 1.5500 area of interest once more, which has held as resistance then support in the past.
EURUSD stays in the upward price channel on daily chart, and remains in short term uptrend from 1.0462.
The AUDUSD pair broke higher during the day on Wednesday, as we slammed into the 0.78 resistance barrier.
With the US dollar continuing to remain under pressure, despite last week’s positive jobs data, and with various central bank governors adding their weight to the mix, it’s a good time to take a quick look at our four major currency futures of the AUD/USD, CAD/USD, EUR/USD and the GBP/USD.
The EURUSD pair fell initially during the course of the day on Tuesday, but found enough support near the 1.12 level to turn things back around and form a hammer.
The AUDUSD pair went back and forth during the course of the day on Tuesday, essentially settling nothing.
EURJPY (quote) has been moving sideways since the start of the month, as price found support at the 139.00 major psychological level and resistance near 141.00.
