EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
AUD/CAD: the range is about to break
Information is not investment advice
AUD/CAD is consolidating in the narrow range between 0.92 and 0.9160 for the fifth day. On the one hand, there’s bullish divergence on D1 and an advance above 0.92 will open the way up to 0.9215 and 0.9250 (50% Fibo of the June decline). On the other hand, the fall below 0.9160 will be in line with the major downtrend and lead the pair towards 0.9130 and probably lower. All in all, in the most short-term, the pair will more likely remain under pressure.
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 dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.