EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
AUD/CHF closed higher
Information is not investment advice
On Monday, AUD/CHF broke above the line connecting April and July highs at 0.6785 and managed to close the day above it. The move happened as the market’s risk sentiment improved. In the short-term, the Aussie met resistance at 0.6820. Still, the positive setup we see in Moving Averages on H4 and H1 allows us to believe that the bearish correction will only be temporary and the pair will ultimately reach 0.6860 on the upside (78.6% Fibo of the July-August decline; 100-day MA). The return below 0.6775 will open the way down to 0.6750 (50-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 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.