EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
EUR/JPY can slide even lower
Information is not investment advice
EUR/JPY has made a spectacular decline this week because of the weaker euro. The pair reached our bearish targets and it’s time to set the new ones. The decline below the 38.2% Fibo at 124.20 will open the way down to the next Fibo level at 123.15. The outlook will remain negative as long as the euro’s trading below 125.00 (psychological level, 50-day MA, and the former support line).
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.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.