OctaFX | OctaFX Forex Broker
Open trading account

Forex: GBP/USD upside capped around 1.5500

The sterling is testing session lows in the vicinity of 1.5465/70 on Tuesday, after another unsuccessful attempt to follow through the key resistance at 1.5500

According to I.Spivak. Currency Strategist at DailyFX, “prices broke below a critical support cluster marked by two alternative rising trend lines set from mid January 2009 (one based against the May 20 2010 low and the other against the June 1 2012) and took out the 38.2% Fibonacci expansion (1.5571). Sellers have now cleared the 50% level at 1.5488, exposing the 61.8% at 1.5403”.

At the moment, GBP/USD is flat at 1.5464 and a breakout of 1.5544 (high Feb.14) would aim for 1.5550 (high Feb.15) ahead of 1.5614 (MA10d).
On the flip side, support levels line up at 1.5414 (low Jul.13) en route to 1.5393 (low Jul.12) and finally 1.5375 (low Jun.6).

Forex: AUD/USD finds resistance at 1.0350

The Australian dollar received a boost on Tuesday and trimmed last week losses versus the greenback after the latest RBA minutes sounded less dovish than expected.
Read more Previous

Forex Flash: USD/CAD with scope for broader up move with limited corrections – TD Securities

The Canadian Dollar continues its recent sub-par trend, being the worst-performing currency in the G-10 block this morning. “Funds closed above 1.01 Monday for the first time since last July and though that likely reflects the very quiet trading seen in holiday-thinned markets to a degree, it sustains the trend of CAD softness seen over the recent past in response to softer Canadian data”, wrote analysts Shaun Osborne and Greg Moore, pointing to the recent undertone as consequence of soft Canadian housing trends amid ongoing domestic  imbalances (after last week’s IMF reported noted that housing prices remained somewhat over-valued and more measures might be needed to curb debt). "Foreign investors are perhaps looking at the Canadian outlook with a more cautious eye now amid concerns that much of the good news is priced in", they added.
Read more Next
Start livechat