EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
AUD/JPY: a chance for more
Information is not investment advice
There are many positive developments in AUD/JPY - a higher low formed last week, the close above the 100-day MA on Thursday (73.75) and the formation of the bullish “Rising three methods” pattern on the D1. On the H1, the pair is consolidating within a symmetric triangle. On H4, there’s bearish divergence. As a result, a short-term correction down is likely before the pair continues the advance. All in all, as long as it stays above 73.75, it will have a chance to rise to 74.50 (September highs) and 75.00 with the ultimate resistance at 76.00 (200-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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