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/NZD has a lot of potential
Information is not investment advice
Last week EUR/NZD made a triumphant comeback to the upside. The pair rose above the 50- and 100-week MAs in the 1.7000/7025 area. It retraced 50% Fibonacci of the October-December decline (1.7160). This level is currently providing resistance: to resume growth, the euro has to overcome this obstacle. Of that happens, the next target will be at 1.7280 (61.8% Fibo). On the downside, support lies at 1.7095 (200-day MA). The decline below this line will open the way for a correction to 1.7025 (38.2% Fibo).
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.
WTI is at 17-year lows. Is it the end?
FLAGS EURUSD M30 ARROW Resistance 1…