Check the GBPUSD trend
The short-term trend of the British pound against the US dollar is down, and the correction can continue until the 38.2% Fibonacci correction at the rate of $ 1,3642. These levels are expected to turn supportive and the GBPUSD currency pair to return upwards. From the buyers' point of view, if the GBPUSD crosses the above resistance level of $ 1,44016, the pair will be ready to hit $ 1,440 again.
Check the EURUSD trend
The short-term trend of the euro against the US dollar is declining. An uptrend starting at $ 1,2348 could push the EURUSD pair to the 100% Fibonacci level at $ 1,1845. EURUSD is expected to form a price floor around these levels. From the buyers' point of view, if the EURUSD crosses above the $ 1.90 resistance level, the short-term market trend will be neutralized. A break of resistance at $ 1,212 will confirm the formation of a short-term price floor. However, if the EURUSD falls below $ 1.1845, the downtrend will pave the way for the Fibonacci 38.2% correction at $ 1.1694.
Weekly Analysis: Will USDJPY reach the bottom of the downtrend channel?
In late 2016, the USDJPY entered the long-term bearish channel after hitting 118.66 and fell to the bottom of the channel at 101.18. Also, from early July 2020 to January 29, the USDJPY entered a medium-term downtrend channel in which the pair moved to a moving average after breaking the channel ceiling. USDJPY is supported by the 105.00 trend rate and has reached the partial resistance of 106.75 after breaking the average of 50.
In this week's trading, if the USDJPY faces buying pressures and crosses the above resistance level of 106.75, the market will move up to the long-term average of 200 at the trend level of 108.00 and then the long-term downtrend channel.
GBPUSD Wednesday, February 24
The GBPUSD pair continues to move higher and GBPUSD has reached the level of $ 1.4240. The definite failure of the canal ceiling has intensified the upward movements of the market. The short-term trend of the pound against the US dollar is up to the long-term resistance of $ 1.4376. The definitive break of this resistance will pave the way for GBPUSD to move 100% Fibonacci at $ 1.4748. In the eyes of traders, if the pair crosses below the partial support of $ 1,4053, the short-term GBPUSD trend will be neutralized.
Noon report on global markets
US stock indexes and the Treasury stock market are stable. Investors are assessing the growth prospects of the global economy. In Asia, the Hong Kong stock market fell the most in nine months due to a tax increase, and in Europe, the Stoxx Europe 600 stock index changed slightly. In general, the world's financial markets have a vague trend. Meanwhile, the speech of the US Federal Reserve yesterday supported the US stock markets.
In the digital currency market, the price of bitcoin has returned to above $ 50,000. Apparently, the positive comments of Ark Investment Company supported Bitcoin. The director of the investment company said that he is optimistic about the future of Bitcoin and welcomes the downward and healthy correction of the market.
USDJPY Thursday, February 11
The technical outlook for the USDJPY has not changed and the short-term trend of the US dollar against the Japanese yen is neutral. From the sellers' point of view, the definite failure of the support of 104.39 indicates the end of the corrective movement starting from 102.58 at 105.76. In this case, the short-term trend of USDJPY will be down to the support of 103.31. However, if the pair moves above 105.76, it could push the market to a 38.2% Fibonacci retracement at 106.06.
EURUSD Thursday, February 11
In the EURUSD weekly chart, the market is still bullish, hovering above the key support of $ 1.50. This support can be seen in the EURUSD daily and weekly charts. The $ 1.50 support is also in line with the 50% Fibonacci correction and the daily support trend line. However, the uptrend of the euro against the US dollar seems to be limited, especially since the daily resistance is seen at $ 1.2165.
In the EURUSD four-hour chart, the market is under selling pressure from the resistance of $ 1.2165. This resistance could be a good place to enter a sell trade and lower the euro to the $ 1.2067 support area.
GBPUSD Thursday, February 11
In the GBPUSD weekly chart, the market is still fluctuating between the weekly support of $ 1,3503 and the weekly resistance of $ 1,3847. According to the daily chart, the pound is approaching the resistance of $ 1.3847. Meanwhile, GBPUSD weekly and daily charts show no further support up to $ 1,3503. In the GBPUSD four-hour chart, the pound is bearish and the pound is engaged in short-term resistance at $ 1.3847. This key resistor also matches well with the weekly resistors. For this reason, it can be a good place to enter into a sales deal. If a bearish return from this range occurs, the pound could move to the support of 1.3752.
USDCAD Tuesday, February 3
The short-term trend of the US dollar against the Canadian dollar is neutral. The USDCAD pair is expected to return positively from the short-term price level of 1.2588. From the buyers' point of view, the break of 1.2880 could push the USDCAD to the resistance of 1.2994. However, if the pair crosses the partial support of 1.2684, USDCAD will be ready to hit the price level of 1.2588 again.
GBPUSD Tuesday, February 3
The short trend of the British pound against the US dollar is neutral. As long as the 1,3608 support remains in place, one can expect another GBPUSD pair to start moving. In the eyes of buyers, the break of $ 1,3758 could bring the uptrend starting from $ 1,1409 to the estimate of 61.8% Fibonacci at $ 1,3956. However, from the traders' point of view, if GBPUSD falls below the support of $ 1,3608, it will indicate the formation of a short-term price peak, especially since there is a downward divergence in the four-hour MACD indicator. In this case, the short-term GBPUSD trend will decline.
