EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
AUD/CAD can get higher
Information is not investment advice
AUD/CAD is trying to hold at some important long-term levels (0.8970 is the 50% Fibo retracement of the 2008-2012 advance). A bullish weekly candlestick with a long lower wick shows that bulls are willing to buy below it. On the D1, the pair closed above the 50-day MA on Friday (0.8990) after forming a higher low earlier last week. As long as it trades above 0.8990/70, it has bullish momentum for a move up to 0.9050, approaching the 100-day MA.
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
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