We have outlooked several promising Forex pairs and the result can surprise you!
AUD/JPY looks exposed
Information is not investment advice
AUD/JPY formed a “shooting star” candlestickon the W1. This week, it’s testing levels below the 50-week MA at 75.45. That’s probably why the pair went down on the news that a pneumonia-like virus is spreading in China: the technical setup was negative and traders took the first cue from the fundamentals to go selling. All in all, we don’t know for how long this will affect the market, but in the short term the pair is vulnerable for the further decline to the support at 74.90. The slide below the 200-period MA on the H4 at 75.27 will confirm the downside. The picture on the H4 also looks like a double top with the neckline around 75.60 – the price will remain under pressure as long as it’s staying below this point.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.