August 21, 2023:A technical look at the USDCAD, AUDSD and NZDUSD to start the trading week

I kickstarted the trading week with a technical look at the EURUSD, USDJPY, and GBPUSD in this video HERE.

NOW, in this video, I take a technical look at the USDCAD, AUDUSD, and NZDUSD and outline what are the key levels driving these pairs to start the trading week.

USDCAD: The USDCAD has moved below its 100-hour moving average for the 1st time since August 11 in trading today. That 100-hour moving average comes in at 1.35227. Stay below keeps the sellers more in control with the 38.2% retracement of the last move higher from the August 10 low at 1.34965 as the next target to get to and through. That level was also the low price from Thursday and today. Below that sits the 200-hour moving average at 1.3480. The price is not traded below that moving average since July 31. A move back above the 100-hour moving average and high of swing area 1.3527, puts the buyers back in control.

AUDUSD: The AUDUSD moved up to retest its 100-hour moving average of 0.64228 and found sellers. It would take a move above that 100-hour moving average to give the buyers more control. Absent that, and traders would look toward the lows for the last 2 trading days near 0.6378 and below that the low price for the year and 0.63629. The low for the year is also corresponding with a swing area going back to 2022 between 0.6348 and 0.6363. Remember that area going forward.

NZDUSD: The NZDUSD remains below its falling 100-hour moving average at 0.59373. On the downside is the swing low from last weekend the swing low today near the 0.5902 (call it 0.5900). The recent lows found support near the 61.8% retracement of the move up from the 2022 low to the 2023 high at 0.5903. A trend line on the daily chart cuts across below that level at 0.5887. Both of those levels would be targets on further selling momentum going forward. So watch the 100 hour moving average above and 0.5937, and the 61.8% retracement/trend line support near 0.5887 – 0.5903.

This article was written by Greg Michalowski at Source