EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
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.
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.
U.S. stocks are set to open lower Friday, continuing the recent selloff with investors' confidence hit by a combination of pandemic, economic and political worries
European stock markets largely weakened Friday, with investors concerned that the second wave of Covid-19 cases will halt the region’s nascent recovery.
XAU/USD formed a “hammer” candlestick on the D1 ahead of the 100-day MA. The price made a higher low on the H4 and now only the resistance at $1 877 separates the precious metal from further gains.