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Technical Analysis on USD/CAD, AUD/USD and NZD/USD

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Change in Longs Shorts OI
Daily 22% -21% 1%
Weekly 17% -29% -6%

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USD/CAD showed strength after the FOMC decision, but pivoted to the downside on Thursday, nudging lower towards cluster support resting at 1.3390. It is imperative for the bulls to fiercely safeguard this region; any failure to do so could potentially trigger a retracement towards the 1.3300 handle.

Conversely, if the pair regains its poise, its first challenge lies in surpassing the 50-day simple moving average. Beyond this point, the focus shifts to trendline resistance and the 200-day simple moving average, situated in the proximity of 1.3480.


USD/CAD Chart Created Using TradingView

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A shift towards a risk-off sentiment weighed on AUD/USD during Thursday’s trading session, though the pair managed to maintain its position above technical support at 0.6525. For market conditions to be conducive to a bullish reversal, this floor must hold; any breach could trigger a move towards 0.6460.

On the flip side, if the mood brightens and the Aussie mounts a comeback, resistance awaits at 0.6600 and then 0.6625. If history is any guide, prices could be rejected from this region on a retest; however, a successful breakout could lead to a move towards 0.6645, followed by 0.6695.


AUD/USD Chart Created Using TradingView

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After a subdued performance after the Fed’s monetary policy announcement, NZD/USD rebounded on Thursday, making strides toward trendline resistance at 0.6155. While this technical ceiling is expected to act as a staunch barrier to further advances, a breakout could bring a key Fib level at 0.6180 into play.

In contrast, should sellers reemerge and trigger a market retracement, cluster support spanning from 0.6085 to 0.6050 will be the first line of defense against a bearish assault. The bears may struggle to push prices below this region, but if they succeed, a move towards 0.6000 could ensue.


NZD/USD Chart Created Using TradingView

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