USDCAD Technical Analysis

The USDCAD currency pair has rebounded from the 1.34 support level, which also aligns with the lower boundary of the ascending channel. Currently trading above the pivot line, and with the RSI indicator nearing a shift above the 50 level, the bullish scenario appears more likely than a bearish one. If the pair maintains its position above the 1.34 mark, it has the potential to reach the previous high of around 1.37.

EURUSD Technical Analysis

The EURUSD has decisively breached the 1.059 support level, indicating a robust bearish market. With the RSI indicator nearing the oversold territory, we recommend a cautious approach. It would be prudent to wait for the EURUSD pair to rectify the recent sharp declines near the 1.067 weekly pivot. This level presents a substantial demand zone, providing an opportune moment for bears to initiate short trades with less risk than entering the market immediately.

For those already holding short positions in EURUSD, it is advisable to maintain their trades open. The currency pair is likely to aim for the lower band of the declining channel.

USDCHF Technical Analysis

The USDCHF currency pair is currently challenging the resistance level at 0.917. The RSI indicator is in the overbought zone, which typically suggests a correction might be on the horizon. Given that the USDCHF pair is overbought, it would be prudent to wait for a price correction before making any moves. The 0.912 level, or the previously broken channel, could potentially offer a substantial supply for bullish traders. This scenario presents an opportunity to observe and strategize for optimal entry points.

AUDUSD Technical Analysis

The AUDUSD currency pair recently tested the 0.638 resistance level, following a rebound from the 0.636 support level. However, bearish forces managed to push the closing price below the crucial support level of 0.636. Given that the Relative Strength Index (RSI) was in the oversold territory, a market correction was anticipated.

As long as the price remains below the 0.638 resistance level, the market trend is expected to stay bearish. On the other hand, if bullish forces can push the closing price above 0.638, the recent low could be interpreted as a new lower low, setting the stage for bulls to aim for the 0.645 pivot point.

Crude Oil Update: Key Resistance Breached

Crude Oil has successfully breached the significant resistance level of $94, reaching as high as $95 in early trading sessions. Currently, it’s trading around $93, forming a long wick candlestick pattern. It’s important to note that the weekly pivot is also situated at $93. This resistance level is crucial, and with the price surpassing it, Crude Oil may be poised to reach the psychological level of $100.

The RSI indicator is currently in the overbought zone, suggesting a need for close monitoring of today’s price action on the daily chart. If bearish forces manage to push the price down, forming an inverted hammer or a long wick shadow candlestick pattern, we could see some corrections to lower levels such as $90, followed by $85.

Bitcoin Analysis

Yesterday, Bitcoin managed to break above the downward trendline and successfully closed above the $27,997 R1 resistance level. The Relative Strength Index (RSI) is now approaching the overbought territory. Given this RSI indicator, it's possible that BTCUSD might experience a sideways range. With Bitcoin surpassing the R1 support level, there's a likelihood that the bulls could drive the BTCUSD price up to $29,031, and potentially even reach $30,579.

US Oil Analysis: Bears Targeting the $87 Support

US oil prices are falling from a high of $95 and trading below the $90.36 pivot point due to various factors. The next support level is at $87.63, which could act as a buffer against further declines. The market conditions are fluid and vigilance is key.

Turkish Lira Weakens Against Strong US Dollar

The Turkish lira is falling against the strong US dollar. The USDTRY is up 0.4% as Turkey's inflation was slightly lower than expected, which might influence the CBRT's approach. Despite recent changes, the USDTRY is still on an upward trend.

Yearly inflation in Turkey: 61.53% (Expected: 61.6%, Previous: 58.94%)
Monthly inflation in Turkey: 4.75% (Expected: 4.8%, Previous: 9.09%)

EURUSD Technical Analysis

The EURUSD currency pair is currently navigating within a downward channel and is positioned below the pivot in the 4-hour time frame. A minor resistance level is observed at 1.049, and at present, the pair is maintaining a position above this level. The RSI indicator has surged above the 50 mark, suggesting the potential onset of a bullish wave. Given the prevailing market conditions and the dominant bearish trend, our recommendation is to wait for the EURUSD to hit either the pivot or the 1.066 resistance level before initiating sell orders.

Please note that this bearish outlook will be invalidated if the EURUSD bulls manage to push the currency pair out of the downward channel.

USDCAD Analysis: Technical View

The USDCAD is currently trading above a crucial broker resistance zone, spanning from 1.3655 to 1.3648. This zone serves as a strong support for the bullish trend. As long as the price remains above this level, we can expect the USDCAD bulls to push higher and challenge the next resistance zone, which lies between 1.3877 and 1.3976.

Conversely, if the bears manage to push the price below 1.3655, and if the RSI indicator dips below the 50 level, it could signal a bearish turn. In this case, the USDCAD might aim for the 1.355 pivot point.