Major Pairs Break Key Long-Term Support Levels

• 9 Feb 2018

EUR/JPY

The EUR/JPY pair has broken both the 50-day and 100-day moving averages to the downside. At the same time, MACD has broken the zero line further highlighting a bearish bias.

USD/CAD

The USD/CAD pair has broken the 50-day moving average and is testing 100- day moving average indicating the pair is entering into long-term bullish trend. A bullish break is also imminent on MACD and if the pair climbs above the zero line, an uptrend is confirmed.

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

EUR/GBP

The EUR/GBP pair has broken both the 50-day and 100-day moving averages to the downside. Despite the break, however, there has been significant buying pressure and MACD looks close to breaking the zero line. The oscillator remains in bearish territory however, and price action coupled with a bullish break on MACD would required to confirm a price reversal.

GOLD

Buoyancy of the U.S. Dollar has left Gold suffering. A break of the 20-period EMA and the 1322.88 price line provide some weight to the bearish move. MACD has also begun a momentum reversal which provides confirmation of the bearish bias.