After initially gapping higher on Monday, the EURUSD pair has fallen apart. This was a “buy the rumor, sell the news” type of situation when it came to the French elections, and this pullback has been absolutely brutal.
The AUDUSD pair fell during the day on Tuesday, as the 0.74 level continues to offer resistance.
The US dollar continues to grind sideways against the Canadian dollar as we have seen over the last couple of days. I believe that the market breaking down in WTI Crude suggests that the market will eventually go higher.
The Australian dollar fell a bit during the day on Thursday, as we continue to see weakness in the commodity markets. Gold markets fell apart, and that of course is a very negative when it comes to the Australian dollar.
The EURUSD pair rally during the day on Thursday, slamming into the 1.0950 level. That is the top of the recent consolidation area though, and with the job number coming out during the day as well, I believe that it makes sense that the market will probably struggle to make any real headway now.
The Australian dollar rallied on Monday, breaking well above the 0.75 level during the day, and crashed into the 0.7540 level. This is an area that could feature some resistance based upon a cluster from April 25, so I’m not excited about buying in this general vicinity.
The British pound continues to march higher during the Monday session, and as you can see I have a trendline on the hourly chart showing that we have seen buying pressure again and again.
The EURUSD pair rallied initially on Friday, breaking above the 1.09 handle.
The AUDUSD pair initially fell on Friday but found enough support at the 50% Fibonacci retracement level to bounce a bit.
EURUSD is moving inside an ascending channel on its 4-hour chart and is currently approaching the resistance at 1.0950 to 1.1000. If this area keeps gains in check, the pair could head back to support at the 1.0700 major psychological level or at least until the mid-channel area of interest.
