The GBPUSD pair fell significantly during the session on Monday, but turned back around to form a large hammer. With this, it looks like we are trying to break out to the upside but there is a significant amount of resistance at the 1.55 handle.
AUDUSD has been moving higher in the past few days but it could be a large correction from the longer-term downtrend.
China’s (FXI, quote) economic growth failed to rebound in August as expected, signaling that the central government may have to introduce more support measures.
EURGBP is still moving sideways on its 1-hour forex chart, bouncing off support at the .7260 area and finding resistance at .7360. Price is on its way up to test the top of the range once more while stochastic is moving down from the overbought zone, suggesting that the resistance might hold.
AUDUSD stays below the downward trend line on daily chart, and remains in downtrend from 0.8162.
EURUSD remains in downtrend from 1.1713, the bounce from 1.1087 is likely correction of the downtrend.
Premier Li Keqiang said on Wednesday that China’s government debt risks are “controllable,” as he met with business leaders ahead of the Annual Meeting of the New Champions, also known as the Summer Davos forum.
The AUDUSD pair fell during the course of the day on Wednesday, as the area above the 0.70 level continues offer resistance.
USDCAD has been moving sideways for quite some time, but the pair seems to have formed lower highs on the 1-hour time frame.
The EURUSD pair initially fell during the day on Tuesday, but found support yet again as the market looks like it is trying to find enough support to turn things back around.
