EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts: Can Sterling Sprint to a Swift 50-Pip Jackpot?

Key Insights

• EUR/USD: Exhibits a bearish trend after breaking below its 15-day EMA, with a noticeable symmetrical triangle pattern, suggesting investor indecision.
• GBP/USD: Positioned at 1.22, the pair’s trend hinges on the 50-day EMA at 1.21766. A bullish trajectory might challenge the 1.22609 resistance, while bearish undertones could push it lower.

U.S. Dollar

The U.S. Dollar Index (DXY) stands at $106.12, marking a modest ascent of 0.02% this Monday. Analyzing its 4-hourly trajectory, immediate resistances are set at $106.50, influenced by a prior upward channel now playing a resistant role, followed by $106.80 and $107.26.

On the flip side, the index finds support at $105.98, with subsequent cushions at $105.68 and $105.30. As the currency market remains dynamic, these key levels will be pivotal in gauging the Dollar’s next move.

EUR/USD

On the technical front, EUR/USD is exhibiting a slight bearish bias after breaking below the 50-day exponential moving average, which had been providing support around the 1.0545 level. Currently, this level seems poised to act as resistance. This observation is consistent across all time frames.

A symmetrical triangle pattern is also evident, which indicates that the EUR/USD remains largely range-bound. This suggests investor indecision, and it’s possible that market participants are awaiting a significant fundamental release before making decisive moves.

At present, EUR/USD finds immediate support around the 1.0520 level. If it dips further, the 1.048 and 1.044 levels might act as additional support. On the flip side, resistance levels are expected at 1.0600 and 1.0660.

GBP/USD

The GBP/USD pair, currently around the 1.22 mark, has significant technical markers to note. On the 4-hourly chart, its pivot point stands at 1.21751, reinforced by the upward trendline of an ongoing channel. If bullishness continues, resistances lie at 1.22609 and 1.23315. Conversely, a bearish breakout could push GBP/USD towards 1.21060, with further support at 1.20371.

The Relative Strength Index (RSI) reads 54, indicating slight bullish momentum. The 50-day Exponential Moving Average (EMA) is at 1.21766, acting as a potential fulcrum.

In summary, GBP/USD leans bullish above the 1.21766 EMA. If this trend persists, the pair might soon challenge the 1.22609 resistance. However, traders should stay alert to market shifts.

USD/CAD

On October 09, the USD/CAD pair is trading at 1.3617, showing a decline of nearly 0.30%. In the 4-hourly chart, key technical indicators present a mixed view. The pivot point is at 1.3645 with immediate resistance at 1.3697, followed by 1.37885. Crucial supports lie at 1.36004 (50% Fibonacci level), 1.35571 (extended by the 61.8% Fibonacci level), and 1.3421.

The Relative Strength Index (RSI) stands at 38, indicating a bearish sentiment. A notable chart pattern emerges with a 38.2% Fibonacci retracement and a bearish crossover at the 50-day Exponential Moving Average (EMA) of 1.36454, suggesting a sell signal.

Given these technical insights, the overall trend for GBP/USD appears bearish below 1.3645. Traders should remain cautious and monitor the pair closely for potential shifts in sentiment.

USD/JPY

On October 09, the USD/JPY is trading at 148.75, marking a 0.30% decline. In a 4-hourly timeframe, crucial resistances lie at 149.311 and 150.137, while key supports stand at 148.442 and 147.528, extending to 146.96. The trend suggests a bullish inclination above 148.442 and a bearish below it. Monitoring these levels is essential for potential trading opportunities.

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