The NZD/USD pair struggles to capitalize on its strong gains registered over the past two days and attracts some sellers during the Asian session on Tuesday.

The US dollar falls from its past week’s highs despite oil rising, with traders getting ready for a busy FOMC week

The AUDUSD pair declined slightly during recent intraday trading, taking profit from its previous gains while attempting to build positive momentum that could support a renewed recovery and upward move, and attempting to ease its clear overbought condition on relative strength indicators, especially with negative signals beginning to emerge. However, the main short-term trend remains bullish, with price movements aligned along a supportive trend line. Additionally, the pair continues to trade above EMA50, which provides dynamic support and enhances the chances of a near-term recovery.

The GBPUSD pair declined during its recent intraday trading, amid emerging negative signals from relative strength indicators, as the pair attempts to take profit from its previous gains. At the same time, it is trying to build positive momentum that could support a recovery and a renewed upward move, leaning on EMA50’s support, which enhances the chances of a near-term recovery, especially as it is influenced by a previously formed positive technical structure on the short-term timeframe, represented by a falling wedge pattern.

The NZDUSD pair declined during recent intraday trading after the key resistance level at 0.5920 held firmly, attempting to regain positive momentum that may help it breach this resistance, while it also attempting to offload its overbought condition on relative strength indicators, especially with emerging negative signals.

The USDCAD pair rose during its recent intraday trading, attempting to recover some of its previous losses, and attempting to offload some of its oversold conditions on the relative strength indicators, especially with the emergence of positive signals from them, to retest 1.3635 resistance, amid the continuation of the negative and dynamic pressure, which is represented by its trading below EMA50, reinforcing the stability and dominance of the bearish corrective trend on the short-term basis, with its trading alongside supportive trend line for this path.

AUD/JPY extends its breakout as yen weakness persists ahead of the BOJ meeting, while USD/JPY consolidates below 160 with bullish breakout risks building amid Fed and BOJ policy expectations.

The USD/CAD pair reverses a modest Asian session dip on Tuesday and looks to build on the previous day’s modest rebound from sub-1.3600 levels, or the lowest since March 12.

GBP/USD ended Monday largely unchanged from Friday’s closing bids close to 1.3535, with the pair drifting in a tight range through the European and US sessions.

The NZD/USD pair is trading with a firmer tone on Tuesday, hovering near the 0.5910 region as the US Dollar (USD) struggles to extend its recent strength.