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Forex Pairs Buy Support and Sell Resistance

Forex Pairs Buy Support and Sell Resistance

Forex markets wrapped up H1 and Q2 trade and since then have, in general, traded sideways looking for momentum that can break and hold a move away from the daily neutral pivot points.

There is a short-Usd look and feel to the market, but as yet the decisive break and hold seems to be impeded by global risk and demand markets that just cannot attract enough speculative and institutional interest to trust the global growth story.

Eur/Usd looks to have solid support at 1.2550 and any test of that looks to draw in a buy-support play. Gbp/Usd has flat-lined for five days, and a break above 1.5070 may just be the one that re-tests 1.5250 and above.

Aud/Usd broke six sessions of sideways moves on the strength of the Employment data overnight and will draw in buyers when 0.8600 is tested as support. Usd/Cad has dismissed poor near-term Canadian economic releases and tested support that was set six sessions ago, and in doing so has created a 30-minute chart that looks like an Olympic ski run with solid support at 1.0490.

Usd/Chf and Usd/Jpy are still showing interest-rate connected short-Usd trends, and both look oversold to the degree that speculative interest may start to nibble on the long side of each.

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