The EURSEK pair has broken its upward channel on a 4 hour time frame. The lower line of this channel may act as a resistance now. However, the price has bounced from its minor support level and there was a minor piercing of the Bollinger band at that level. The piercing of a Bollinger band does have a significant importance when this occurs at an important level of support or resistance because this could reverse the trend from that specific zone.
The USD/CAD pair has bounced from its minor support zone on a 4 hour time frame. However, the price did penetrate really deep in this zone which represents that there is not much of buying pressure at this level and therefore, the bears were able to push the price deep in this zone. Moreover, the price is trading well below the downward trend line which confirms the strength of the downward trend. If price does break this level of support then the next level of support could near the 1.0176 zone.
Asian markets closed lower yesterday by wiping off some of their gains which were made yesterday. The trading session took its momentum from the US markets which closed mix on the back of assorted earnings report despite a strong economic data. The New Homes Sales- economic data came in at 497K while the forecast was for 482, which was great news for home builders and for the economy.