EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
AUD/JPY may fall further
Information is not investment advice
AUD/JPY is in the downtrend since the start of the year. It was capped on the upside by all the three important moving averages on the D1 (200, 100, and 50 SMA). This week the pair broke below the February support line in the 73.40 area. Its attempts to get higher have failed, as sellers are quite active. The threat of the coronavirus is the biggest bearish driver for the AUD. The odds are that its impact will continue. At the moment of writing, the pair is testing support at 72.50 (February low, 61.8% Fibonacci of the 2019 advance). The break below this level will open the way down to 71.75 (October lows) and 71.35 (78.6% Fibo). Resistance lies at 73.25 and 73.80.
Trade idea for AUD/JPY
SELL 72.30; TP1 71.75; TP2 71.35; SL 72.55
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.
US final GDP for 2Q -31.4%% vs -31.7% estimate
ADP, US GDP, Chicago PMI and Canadian GDP – all numbers exceeded expectations. Which currency will outperform? Let’s try to find out.
EUR/CAD may get down to the bottom of the September sideways channel if bears keep pressing.