The USDCAD pair initially fell during the session on Thursday, but found enough support at the 1.07 region to turn things back around and form a hammer. Will we find particularly interesting about this market is that it seems so well supported, even as oil prices went so much higher during the day.
The AUDUSD pair tried to break out to the upside during the session on Thursday, but as you can see failed out the 0.9450 area, and as a result we turned back around to form a shooting star.
The GBPUSD pair fell hard during the day on Thursday, slicing through the 1.70 support region. However, there’s still plenty of support all the way down to the 1.69 level, so we do not feel it’s quite ready to be sold yet. In fact, we would be more than willing to buy a supportive candle in this region as it should send the market back to the 1.72 region.
Brent crude oil (BNO, quote) traded near $108 on Thursday morning after unexpectedly strong Chinese data suggested rising global demand.
Overnight the HSBC Flash China Manufacturing Purchasing Managers’ Index hits 18 month high. The survey indicates high demand for manufacturing domestically as well as internationally.
The EURUSD pair initially tried to rally during the session on Wednesday, but as you can see turned back around and close towards the end of the day, forming a negative looking candle.
The GBPUSD pair initially tried to rally during the session on Wednesday, but with the Bank of England failing to impress upon the market a bit of a drive to tighten monetary policy, the British pound was in fact sold off later in the day.
The AUDUSD pair fell rather significantly the session before, but we did have a nice bounce and rise during the session on Wednesday.
The USDJPY pair tried to rally during the course of the day during Tuesday, but as you can see we pullback in order to form a shooting star.
The EURUSD pair broke down during the session on Tuesday, slicing through the 1.35 handle with ease.
