Bearish Sentiment Dominates Trading On Thursday

• 22 Feb 2018

USD/CAD

The USD/CAD pair has broken both the 50-day and 100-day moving averages to the upside. MACD has also broken the zero line to the upside with the pair breaking through a recent support level. The long-term trend is bullish; however, there are signs of a slowdown with RSI decelerating. Fundamental factors will likely come into play with this pair.

Impact event: Canadian Retail Sales data will be released at 15:30 GMT+2 and will impact all CAD pairs.

AUD/USD

The AUD/USD pair has broken the 50-day moving average to the downside and MACD has simultaneously broken the zero line as sentiment has turned sharply bearish. A bullish move in today’s session has caused the pair to stall just above the 100- day moving average which would confirm the downtrend. RSI has a sharp downward trajectory.

CHF/JPY

The CHF/JPY pair has broken both the 50-day and 100-day moving averages to the downside with a price target at 114.26. RSI has a downward trajectory and though approaching the 30 oversold zone, there appears to be further downside for the pair.

EUR/NZD

The EUR/NZD pair has broken the 50-day and 100-day moving averages. At the same time, MACD has turned bearish, with a break of the zero line. RSI supports the bearish move with a moderate downward trajectory.