After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
EUR/GBP may finally leave its range
Information is not investment advice
EUR/GBP had an extremely volatile month. If we look at the daily chart, we’ll see a diamond-shaped broad consolidation range. The fact that we finally got some big news about Brexit (a delay until October 31) can allow the pair to finally break out of this pattern.
Technical indicators suggest that a break to the upside seems more likely. Notice, however, that breakout trading is risky and requires thoughtful risk management. The negative pressure will return if the pair gets back below 0.8590.
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.
As today is the last day of the first quarter, let’s look at the performance of the major currency pairs and analyze what may come next for them.
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