The greenback was supported by existing home sales data. After yesterday's home sales data report, bulls gained power.
At yesterday's session the index move higher towards 95.64 faced resistance at 50Dsma. The greenback strengthened at yesterday's Asian session. At today's Asian session, the Index faced resistance at 50Dsma again. Traders eye on US GDP data. The recent employment rate, retail sales and housing data indicates a kind of improvement in the US economy. In this case, US dollar bulls will target at 96.25 20Wsma. The parallel resistance is seen at 95.68. Fresh buying is available above 95.70 with targets at 96.00 and 96.15. Strong upswing is expected above 96.25 towards 97.00. Support is found at 95.20 and 94.50.
USD/CAD
The pair is moving upwards for 3 consecutive sessions. At yesterday's session, the pair rejected at 100Dsma. In intraday basis, the pair managed to get above 20Dsma, but was unable to close above this level at the end of the day. In the four-hour chart, we can observe multiple tops at 1.2367. The weekly resistance is seen at 1.2400 whereas 20Wsma is seen at 1.2385. Intraday resistance is seen at 1.2360 and 1.2385. Until the pair closes below 1.2400, it does not look wise to open fresh long positions. The support is found at 1.2280 and 1.2280. Selling accelerates below 1.2260 towards 1.2220 and 1.2200. Big moves are expected above 1.2400 towards 1.2440.
The positional support is found at 1.2260, 1.2220, and 1.2200. Real selling will be available only below 1.2200.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
The material has been provided by InstaForex Company - www.instaforex.com