Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
EUR/AUD is at a major resistance
Information is not investment advice
Check the chart of EUR/AUD. The pair has reached the 50% Fibo retracement of the 2008-2012 decline (!). In previous years, this level has always held buyers back.
The D1 chart shows that the current high is not supported by oscillators (i.e. there’s a bearish divergence). In addition, the euro area will release industrial production today and the figures are expected to be bad. All of this makes us assume that EUR/AUD will correct down.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
How do we trade the gold price? It seems to be losing the upside momentum - no problem for bears!
GBP/USD went beyond 1.37 and reversed the gains. How to trade it now?
Let's trade GBP/USD. It gives a very interesting bullish layout currently - you'll find both mid-term and long-term strategies inside.