After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
CHF/JPY tested support
Information is not investment advice
CHF/JPY has been declining since the middle of January. It went down, as the yen was the number one safe haven after the outbreak of the coronavirus in China. The pair descended to the support line from November-December just above 112.00. In the short-term, we’ll likely see a pullback to the upside. An “inverted hammer” was formed on the D1 near the 31.8% Fibo retracement. Upside targets lie at 112.55 (Monday’s high), 112.70 (January 23 low) and 112.90 (100-period MA, short-term resistance line).
At the same time, the fundamental and bigger technical factors (weekly “inside bar” and the exchange rate going far away from the MAs) allow expecting that the recovery will be temporary and attract new sellers. The decline below 112.08 (the recent low) should also trigger selling.
GBP/USD retraced more than 78.6% Fibonacci of the 2019 advance. Last week was the worst for the pair since the Brexit referendum.
CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4.
FLAGS EURUSD M30 ARROW Resistance 1…
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