The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
EUR/NZD remains under pressure
Information is not investment advice
EUR/NZD has reached the bearish targets we set last week. The outlook for the single currency still seems quite negative: the price is currently at the lowest levels since September. An “inside bar” was formed on the D1. If the pair slides below 1.7122 (Nov. 25 low), it will become vulnerable for a decline to 1.7045 (200-day MA). Notice that support in the 1.7025/1.6990 seems quite strong as on the W1 there are 100- and 50-week MAs in this area. If the attempt to test lower levels fails in the short term and EUR/NZD returns above 1.7145, the correction may take it up to 1.7210/50 (100-day MA).
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