On the daily chart we're seeing a clear downtrend and a current consolidation around the 1.3077 zone. For the week of July 8, I'm expecting a downward trend until support level of 1.29000 until we see any pullback to 1.3077 zone. Looking at ForexFactory news, we're going to see USDCAD impacting news on July 10th (Wednesday) that might impact the Canadian dollar....
I used to trade OANDA:USDJPY then moved to OANDA:USDCAD , but now I'm taking a look into USDJPY, because I'm interested to see how it'll behave after the Japanese banking holidays.
After a week long of the Japanese Golden Week banking holidays, we're currently seeing a bearish momentum that is clearly heading down and breaking the Daily support price zone of...
We're looking at a consolidation zone that's waiting to break out, current trend is bearish, and a downtrend might continue until reversed by positive USD news this week. NFP on May 1st will push it upwards and will continue until Friday, May 3rd, employment correction news. So short term downwards, and longterm we should see a reversal to the next major demand area.
Anticipating an upward move after a short bearish move breaking the consolidation area. Bullish move will most likely reach the next supply zone due to overall positive USD news this week (not including NFP on Friday May 3rd).
