AUDUSD – Daily Chart
The AUDUSD closed the week very bearish. Price could now near trend support line currently sitting at 0.7250. If price reaches the trend support area, there could be buying opportunities.
Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors could continue to buy safe heaven financial assets like the Japanese Yen, the US Dollar and GOLD. This may help the AUDUSD to move lower and reach the trend support area.
USDCAD – Daily Chart
The USDCAD has closed bullish out of the triangular consolidation, which was identified in the last inter-day analysis. Price is now reaching the horizontal resistance level at 1.3150. This could present some selling opportunities as the area is tested. If price moves and closes above the resistance level, there could be some buying opportunities at the horizontal resistance turned support. Price has also formed a bullish trend line (currently sitting around 1.2760). If price retraces to this area, there may be an opportunity to go long.
Due to the UK leaving the EU, the USD has strengthened. As economic uncertainty continues, traders and investors are likely to carry on buying safe heaven assets like the Japanese Yen, the US Dollar and GOLD. This could help the USDCAD move higher over coming days and weeks. If the OIL markets continue to appreciate though, we could see the CAD strengthen. This may cause a slightly hesitant and indecisive USDCAD.