USD The market broke down significantly in the Monday’s eur usd forex forecast software and reached down towards the 1. 16 level as the market encounters concerns coming out of Italy all of a sudden regarding government formation. USD The pair started the week with a bearish tone as it tested the 1. It is likely that this level will be difficult for the market to hold and will break below to reach towards the 1.
30 level in the next several sessions. Short-term rallies will continue to offer good selling opportunity as British Pound lack momentum to arrest the downfall. USD The AUD initially rallied during the Monday’s session but rolled back perhaps in response to improving geopolitical tension between North Korea and the US. The market has been successful in closing above its crucial support level of 0.
75 level and if it breaks above the 0. 76 level then it will be a positive development. And, if the market breaks below the 0. 75 level, then the next major support will be at 0. JPY The USD fell against the JPY during the yesterday’s session mostly due to lack of volumes as the American market was closed for trading. The pair is getting significant support at the 109 level and is only a matter of time, USD will resume its upside trend. If it breaks above the 110 level, the market will attract enough buyers to take this market higher towards the 112.
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China fixes Yuan mid-point at weakest level since Dec. PBOC set the Yuan reference rate at 6. However, CAD also depends heavily on demand from its No. 1 trading partner and southern neighbor, the USA. CAD tends to react relatively slowly to important economic data from Canada. Retail traders thus have a better level playing field that can jump into a trade even without the most sophisticated algorithmic tools. Even the Canadian jobs report tends to result in a relatively long move.