USD: trading it short-term

USD: trading it short-term

2020-11-24 • Updated

EUR/USD: back into the channel

This currency pair is definitely going through fierce fluctuation. The recent rise to 1.19 followed by a plunge to 1.18 and correction confirms that. Now, EUR/USD is back at 1.1850 – that’s the downside of the core channel it’s been going through. That means it makes sense to expect it to gradually move to the upside closer to 1.19 – step in!

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GBP/USD: marching upwards

Hopes of having Brexit sealed this week are pushing the GBP. This currency pair has moved from 1.3210 to 1.34 in the recent spectacular upswing. Undoing this overheated gain, GBP/USD got back down to 1.33 to start climbing again. It’s only rational to prepare for another gradual uptrend to 1.34. Welcome aboard!

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AUD/USD: rolling waves

The resistance range of 0.7330-0.7335 seems to be impregnable for AUD/USD so far. The currency pair touched it several times in November bouncing downwards – just as it did this Monday already. Expect this resistance to be reached in the short-term and possibly reverse the currency pair downwards yet again.

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USD/CAD: firm support

After the first week of November, 1.3040 has been preventing USD/CAD from dropping below. We can see it bounce upwards several times on the hourly chart below. Possibly, this is another reversal we are observing right now. This makes it potentially an ideal opportunity to use the situation in the short-term. Watch it get back up to 1.31!

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