The AUDUSD pair declined during recent intraday trading after previously facing resistance of EMA50, which forced it to reverse lower. This comes amid the dominance of a short-term bearish corrective wave, with price movements aligned along a downward trendline supporting this direction.

We also observe increasing negative signals from the relative strength indicators, after the pair managed to relieve its oversold conditions, opening the way for further losses in the near term.

The USDCAD pair extended its gains during recent intraday trading, successfully breaking above the key resistance level at 1.3735, benefited from its previous stability at EMA50’s support, which provided positive momentum, further strengthened by trading along a short-term ascending trendline.

Additionally, positive signals are emerging from the relative strength indicators reinforce the likelihood of further gains in the near term.

The USDJPY pair rose during recent intraday trading, attempting to recover part of its previous losses. At the same time, it is trying to ease its clearly oversold condition on the relative strength indicators, especially with the beginning of a positive crossover.

Earlier, the pair was affected by breaking out of an ascending price channel that contained its short-term trading, while it continues to face negative dynamic pressure as it trades below EMA50. This limits the chances of a full recovery in the near term.

The GBPUSD pair declined during recent intraday trading, influenced by a rebound from a short-term main downward trendline. The pair is supported by dynamic support as it trades above EMA50, along with positive signals from the relative strength indicators, despite reaching heavily overbought levels. This supports the likelihood of the pair resuming its gains in the near term. Therefore, this decline can be seen as a profit-taking move aimed at building positive momentum that may help support a recovery.