EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
EUR/GBP is trying to base
Information is not investment advice
Last week, EUR/GBP recovered from 0.8800 (the 61.8% Fibo retracement of the March-August advance) and 0.8835 (100- and 50-week MAs; 200-day MA). This area seems like strong support. In addition, on H4 the euro has already managed to recover above the 50- and 100-period MAs. The advance above 0.8900 will open the way for further correction up to 0.8940 (upper border of the descending channel) and 0.8965 (100-day MA). The decline below 0.8875 will make the pair retest 0.8850 and 0.8835. At these levels, it will be possible once again to consider buying. The longer-term outlook will turn negative only below 0.88.
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.
USD/JPY has been rising for almost a week except for Monday, but the strong resistance of the 50-day moving average at 105.80 may stop it from moving higher.
BoA released the report with the bullish forecast for the S&P 500 and shared its technical analysis. Let's discuss it in detail.
EUR/USD has violated the first resistance trendline area 1.1680