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Mixed Technical Analysis Signals Tear AUD/USD Apart

Price action seen in Australian dollar’s performance versus its US counterpart is affected by the conflicting perspectives presented by the different timeframes in the currency pair’s technical analysis.

Canadian Dollar Weakens on Bearish Forecasts

The Canadian dollar is weakening to start the trading week, driven by multiple bearish forecasts that suggest the loonie will crumble to multi-year lows. The buck’s losses were capped by rallying energy prices as crude oil prices have surged more than 5% in the last week.

Euro Rallies to 2-Week Highs on Positive Sentiment, Later Drops

The euro today extended last week’s gains against the US dollar driven largely by positive investor sentiment given the lack of major releases from the European docket. The EUR/USD currency pair rallied to 2-week highs in the mid-European session before dropping lower as investors became wary of current geopolitical conditions.

Pound Ends Week Strongest, Future Uncertain

The Great Britain pound ended the past trading week as the strongest currency on the Forex market thanks to the Brexit developments. But with no trade deal in sight and the uncertainty surrounding the outcome of the talks between the United Kingdom and the European Union, analysts are skeptical that the sterling will be able to keep the upside momentum for long.

Euro Drops on Mixed Euro Area Data, Rallies on Weak US Data

The euro today headed lower in the early European session following the release of mixed data from across the euro area before rallying higher later. The EUR/USD currency pair recovered in the early American session following the release of disappointing American industrial data.

Chinese Yuan Rises Despite Weak Industrial Output

The Chinese yuan is making gains against its currency counterparts at the end of the trading week. Despite disappointing industrial output figures and reports of long delays for companies to get paid for their goods and services, the yuan will record a weekly gain against the US dollar and the euro.

US Dollar Mixed on Tame Wholesale Inflation, Higher Mortgage Applications

The US dollar is mixed against a basket of currencies on Thursday, attempting to find direction on economic data. The greenback has been trading based on inflation numbers, mortgage loans, and weekly jobless claims, but data may not affect the buck until the US and China officially announce a new trade agreement.

British Pound Falls Ahead of UK Article 50 Extension Vote

The British pound today fell from intra-day lows against the US dollar as investors awaited the crucial vote on a second Brexit referendum. The GBP/USD currency pair yesterday rallied to multi-month highs after UK leaders voted to take a no-deal scenario off the table.

Canadian Dollar Strengthens on Rallying Energy Prices

The Canadian dollar is strengthening to a one-week high against its American counterpart midweek on rallying energy prices and slowing US inflation. The bearish domestic outlook is lingering in the background as investors fear that, despite the impressive February jobs report, the national economy is barely expanding, even with the pause on interest rate hikes.

New Zealand Dollar Falls During Wednesday’s Trading

The New Zealand dollar behaved similarly to its Australian counterpart today, falling intraday but trimming losses later. Market analysts explained the decline by the sharp drop of major Asian stock indices.

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