The AUD, NZD and CAD stay under pressure vs the USD. What next?

The AUD, NZD and CAD remain the weakest of the major currencies vs the USD (along with the EUR). Versus the USD, the % changes for those currencies now shows:

• AUD -1.10%
• NZD -1.07%
• CAD -0.73%

Technically the AUDUSD and NZDUSD are moving below the 50% retracement levels and look toward the swing level next target. The USDCAD is moving to the high of a key swing area

Below is a summary look at each from a technical perspective:

AUDUSD: Looking at the hourly chart of the AUDUSD below, the pair moved below the 50% midpoint of the move up from the February low at 0.62474, and is now testing a swing area near 0.62348. A move below that level opens the door for a run toward the 61.8% and 0.62097. Getting back above the 50% is needed to take some of the downside pressure off.

NZDUSD: The NZDUSD fell below its 50% midpoint of the move up from the February low as well at 0.56434. It’s next target comes against a swing area near 0.56214 (see chart below). Below that, and the 61.8% retracement of the same move higher comes in at 0.56132. A move back above the 50% is needed to give the buyers some hope that the low is in place

USDCAD: The USDCAD has stretched higher and has reached the low of the swing area between 1.4448 and 1.4471. Thatarea is near the high of the Red Box that confined the pair for a number weeks in December and January before the tariff volatility at the end of January. The 50% midpoint of the move down from the spike high on Feb 3 to the low on February 14, comes in at the same 1.44712 level.

This article was written by Greg Michalowski at www.forexlive.com.