EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
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).
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.
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.
The JPY is the strongest and the NZD is the weakest. Jump in for the fresh analysis!