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The Euro is still winding up for a move, but will support again reject the notion that it comes to the downside? At least for now? USD/CAD blasted off from support this past week, posting a big bullish candle; same with AUD/USD in reverse. If the bars hold true through the end of today, an early week retracement may offer a follow-through entry.

Technical Highlights:

  • EUR/USD testing support (again)
  • USD/CAD big bullish weekly candle, if it holds
  • AUD/USD rejected in bearish fashion similar to $/CAD

See where our team of analysts see your favorite markets and currencies headed in the months ahead on in the Q1 Trading Forecasts.

EUR/USD testing support (again)

EUR/USD remains a difficult handle from a strong directional standpoint, and while at some point it will move again in a big way until it does we must continue to navigate what is on our screens. There is good support from around 11320 down to 11268 that may put a short-term floor in. A solid break below all those lows going back to last year will be good reason to get excited about a much larger move lower taking shape.

EUR/USD Daily Chart (t-line, 200-day)

EUR/USD daily chart, t-line/200-day combo

Check out the recently released Q1 Euro Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

USD/CAD big bullish weekly candle, if it holds

USD/CAD has data coming up this morning by way of the jobs report, but if this week’s strength can be maintained or built on, then the weekly candle off trend-line/200-day support bodes well for more upside next week. Ideally, we see the week finish strong then get a minor early week pullback for a buy-the-dip opportunity.

USD/CAD Weekly Chart (Powerful candle if it holds)

USD/CAD weekly chart, powerful candle if it holds

Check out the recently released Q1 USD Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

AUD/USD rejected in bearish fashion similar to $/CAD

Basically, in reverse of USD/CAD, Aussie has turned down strongly from the confluence of the trend-line/200-day MA. This has created a powerful weekly candle, which like in CAD, could lead to more momentum next week. A weak then failing bounce early next week is the preferred approach for taking advantage of further weakness.

AUD/USD Weekly Chart (bearish candle off resistance)

AUD/USD weekly chart, bearish candle off resistance

Resources for Forex & CFD Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX