Asian Open Risk off with a twist sends wall street lower
Wall street was lower overnight as rising bonds yields continued to spook equity investors yet act as a tailwind for commodities and related forex markets.
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City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for five major currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD.
The focus is on technical price trends and major support and resistance levels.
EUR/USD has surged above 1.1100 and continues to rise on a falling US dollar, but should soon be faced with strong upside resistance.
GBP/USD has retreated after its recent upside pullback and could be poised for a potential resumption of its entrenched bearish trend.
USD/JPY has fallen dramatically on a weakened dollar and plunging stock markets, and could continue to fall on extended market volatility.
AUD/USD remains pressured after having pulled back off its lows.
USD/CAD has risen modestly off its recent lows and could be poised for a larger bounce on persistent weakness in crude oil.
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