The US Dollar recovered slightly overnight. EUR/USD started the new trading week around 1.1425 and declined to 1.1405. EUR/USD is oversold in the short-term, but is likely to run into decent demand on larger retracements. Support is seen at 1.1370 and again at 1.1320.
GBP/USD opened at 1.2995, roughly 30 pips lower from Friday's close. During the Asian session, it retraced its initial losses, but eventually fell back to 1.2995. Meanwhile, the Yen weakened despite solid Japanese economic data overnight. USD/JPY started the day around 112.05 – down 40 pips from Friday's close – but rallied to a high of almost 112.60 later in the session. Rising stock markets supported the pair. Resistance is next seen at 113.00.
AUD/USD traded in a tight range overnight (0.7667-95), and so did NZD/USD (0.7315-45). USD/CAD is heavily oversold near-term, and recovered somewhat in Asia. The pair bounced from 1.2960 and rose to 1.2990. Resistance is seen at 1.3030 and ahead of 1.31. While the downtrend remains strong, the charts suggest the pair could recover further in the near-term.
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