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Forex Market Analysis - GBPUSD Under Pressure

Forex Market Analysis - GBPUSD Under Pressure

The GBPUSD pair has declined to a low of 1.2880. Meanwhile, what can traders expect from the USDCAD, XAUUSD, and GER30? Gain insight into today’s forex market analysis

10 February 2020 | AxiTrader – USDCAD broke above the key trendline from the Summer 2019 high, and it appears that CAD bears have gained the upper hand again. Strong economic data out of the US are keeping the Dollar bid. Meanwhile, the Canadian Dollar is suffering from declining oil prices.

The Daily RSI has only recently entered the overbought territory, and momentum remains strong overall. This suggests that the currency pair might have a run towards the Apr´ 19 high at 1.3565 in the near-term.

Forex market analysis – British pound is under pressure

Meanwhile, pressure on the British Pound is intensifying. GBPUSD recently broke below the rising trendline from the November low. Also, the next major support level is seen at the 200 DMA around 1.2690.

XAUUSD has been consolidating following the sharp rally that started in December 2019. Despite the recent pullback, Gold bulls remain in control and the overall uptrend intact. Traders are now looking for a breakout above the upper triangle trendline to signal a continuation of the rally. Resistance is at $1600, followed by $1611 (January high).

GER30 failed to reach the all-time high from last month, but the index could find support around the 61.8 % Fibo of the January decline, which lies around 13.350 points. Should that level not hold, there could be further momentum selling, pushing the index back towards the major support area between 13.150 and 13.200 points.

Disclaimer

The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument. It is not a recommendation to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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