EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
EUR/CAD awaits the Bank of Canada
Information is not investment advice
During the summer months, EUR/CAD broke an important support line and has traded with a bearish bias ever since. Last week, the pair was rejected down from the resistance at 1.4660 and fell to 1.4460. This week, there’s some recovery. However, the Bank of Canada’s meeting later on Wednesday may give the CAD more strength and pull the pair down. On H4, EUR/CAD ran into the resistance of the H4 MA and there’s further resistance in the 1.4580/90 area. The return below 1.4525 will make the pair revisit the recent lows. If it manages to jump to the 1.4600 area, sellers will also re-emerge due to the resistance line connecting August and October highs.
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.
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The GBP is likely to move upward until it reaches the resistance of 1.2795.
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