The NZDUSD pair declined during recent intraday trading after testing a key short-term downward trendline, which exposed it to negative pressure and pushed it lower. The pair also broke below EMA50, reducing the chances of continuing the strong gains seen in the previous session.

This comes alongside the emergence of a negative crossover of the relative strength indicators, after reaching heavily overbought levels, which further increases the bearish pressure surrounding the pair.

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.