Inter-day Forex Analysis – Daily Charts – July 22, 2016

EURUSD – Daily Chart

Price tested and was rejected around the horizontal support and psychological level at 1.1000 during yesterday’s trading. The moving averages have crossed bearish suggesting that price could move below the support level. There could be a selling opportunity if price tests the horizontal support again. There could also be a buying opportunity if price is bullish and attempts to move off the support level.

The future of the Euro is very unclear (not uncertain, just indecisive). With regards to the US Dollar, traders, investors, analysts and economists continue to speculate about a possible Fed rate hike. The current majority believe that a rate change is unlikely for at least a few months. There is no major scheduled news in todays trading sessions that will directly impact this currency pair.

USDCAD – Daily Chart

The USDCAD is nearing the clear horizontal resistance at 1.3150. The levels has been tested so many times that the price could now move and close above the resistance level. The moving averages confirm this as they are crossing bullish. Potential buying opportunities could exist as the horizontal resistance is tested and if price moves and closes above the resistance area.

Traders, investors, analysts and economists continue to speculate about a possible Fed rate hike. The current majority believe that a rate change is unlikely for at least a few months. Canadian Core CPI and Core Retail Sales data is set to be released at 1230 UTC today.

USDJPY – Daily Chart

Price has closed strongly off the longer-term trend resistance line and below the shorter-term moving average. Price could now attempt a bearish move. Selling opportunities could exist as price moves below the low of yesterday’s candle and as price makes it’s bearish move.

Traders, investors, analysts and economists continue to speculate about a possible Fed rate hike. The current majority believe that a rate change is unlikely for at least a few months. There is no major scheduled news in todays trading sessions that will directly impact this currency pair.

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