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EURUSD
As a result of night bullish moves market reached level around 1.0712 (significant resistance from the point of view on interval H4), where in the morning there was a strong bearish response. Since that time almost all day we had declines, which significantly slowed down in the afternoon. Given that as a result of Friday’s growth market broke out from a consolidation which lasted for nearly a month, we expect a re-test of level 1.0630, which could be a signal of rejection to continue growth.
However, given that already this Wednesday could lead to another increase in US interest rates, this scenario seems rather unrealistic. It rather more possible that we will observe slow declines until Wednesday’s speech of Fed Chairman, Janet Yellen will determine the further direction of movement.
AUDUSD
As a result of today’s gains market overcame significant resistance around 0.7550 level and reached the vicinity of another, local resistance 0.7585, where price formed a double top formation. Rejection of this level could result in at least a bearish correction as a result of which there would be a re-test of the defeated earlier level, which is currently located in an area of 38.2% Fibonacci correction of the whole last upward movement.
USDCAD
Throughout the day the market moves calmly south creating a downward channel. It would seem, therefore in near future we could expect a retest of Friday’s lows around 1.3425 level which rejected could be a signal to continue growth.
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