Slow Start For Major Peers In Asian Trading Session

• 9 Nov 2017

AUD/USD

The AUD/USD pair is testing the 0.768 price level having reached a recent market bottom. Momentum indicators suggest that sentiment may be turning more bullish as RSI has a moderate upward trajectory and MACD appears to be turning less negative. A break of the 0.768 price level and cross of the zero line on MACD would signal the beginning of an uptrend.

NZD/USD

The NZD/USD pair is challenging the 20- period EMA after a moderate bullish move from a recent market low. RSI has a moderate upward trajectory and MACD has turned sharply bullish. Volume has been declining so it remains to be seen whether buyers can push prices beyond the 20-period EMA.

CHF/JPY

The CHF/JPY pair is testing the 113.67 price level and has been bouncing around this level for some time, unable to break through. A series of doji candles in recent trading sessions suggest indecision in the market and declining volume could indicate waning interest from sellers. RSI has flattened against the 30 support level and MACD is moderately bearish. It appears that sellers do not have the conviction to push prices lower therefore there is potential for a bullish reversal.

USD/CAD

The USD/CAD pair has broken the 1.276 price level and is testing the 20-period EMA. Momentum indicators suggest that sentiment has turned bearish with both RSI and MACD beginning their downward trajectories. However, low volume may suggest that the downtrend will be short-lived.