After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
AUD/CAD has trouble rising
Information is not investment advice
AUD/CAD met resistance at the line connecting December and March highs. It failed to close above 10-day MA (0.9515) on Friday and is now testing 200-day MA (0.9497). We see that the path of the least resistance for the pair is to the downside. The decline below 0.9480 will confirm the short-term top and open the way down to 0.9455 (200-period MA on H4) and last week’s lows at 0.9415. To regain strength the Australia dollar needs to get above March 26 high at 0.9526. In this case, the next upside target will be at 0.9623.
GBP/USD retraced more than 78.6% Fibonacci of the 2019 advance. Last week was the worst for the pair since the Brexit referendum.
CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4.
As today is the last day of the first quarter, let’s look at the performance of the major currency pairs and analyze what may come next for them.
WTI is at 17-year lows. Is it the end?
FLAGS EURUSD M30 ARROW Resistance 1…