USD/CAD attempts to bounce
The Canadian dollar softened after May’s CPI came out of expectations. The pair remains under pressure with a series of lower lows demonstrating a growing downward pressure after it fell through 1.3250, with a bearish MA cross on the daily chart likely to attract bearish followers. The buy side is trying to get back into the game from 1.3110 and a close above 1.3170 is an encouraging sign. But they still need to clear the supply area of 1.3240 from a previously faded bounce to turn the situation around.
NZD/USD breaks lower
The New Zealand dollar tumbled as traders bet on lower inflation in the region after a falling Australian CPI. The price has been drifting lower after coming across 0.6250 from the start of a sell-off in late May. This means that the sell side is pushing for a deeper correction in the medium-term. 0.6120 over the 30-day SMA has offered some support but its breach would trigger a new round of liquidation and make 0.6080 the next target. 0.6160 is a fresh resistance as an oversold RSI may cause a limited rebound.
XAU/USD grinds support
Gold slipped after US consumer confidence and home sales showed resilience in June. The price is still licking wounds after failing to hold above 1930 with a timid bounce to 1935 capped by stiff selling. A bearish MA cross on the daily chart and dynamic resistance from the 20 and 30-day SMA may attract more sellers. Only a break above 1966, the top range of a previous consolidation, might put the precious metal back on track. Otherwise, a fall below the fresh support of 1910 would open the door to 1850.
