AUDUSD continued to decline during recent intraday trading after previously breaking below the support of EMA50, exposing the pair to negative pressure that eventually led to the breakdown of a major short-term bullish trend line. This reduced the chances of recovery in the near term, especially as negative signals continue to emerge from the relative strength indicators after previously reaching heavily overbought levels.

USDCAD extended its gains during recent intraday trading, breaching the 1.3835 resistance level, which represented a target in our previous analysis. The short-term bullish corrective trend remains in control, with the pair moving alongside bullish trend line supporting this path.

The pair also continues to benefit from positive pressure as it trades above EMA50, providing a strong support base that enhances the chances of extending gains, with positive signals continuing to emerge from the relative strength indicators, despite reaching heavily overbought levels.

The USDJPY pair kept rising during intraday trading, amid the dominance of the bullish corrective trend on short-term basis, support by its trading above EMA50, which provides dynamic support that reinforces the chances of extending its gains in the near upcoming period, especially with the emergence of the positive signals from the relative strength indicators, after offloading some of its overbought conditions, opening the way for extending the gains in the near-term basis.

The GBPUSD pair deepened its losses in recent intraday trading, affected by short-term negative formation that is represented by rising wedge pattern, to surpass EMA50’s support, intensifying the negative press and ending the chances of recovery attempts in the upcoming near period, especially with the emergence of a positive divergence on the relative strength indicators after offloading some of its oversold conditions, opening the way for recording more losses.