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: where to sell?
Information is not investment advice
EUR/NZD formed a “hanging man” pattern on the W1 and went down to trade below the 100- and 50-week MAs. The decline of the pair was caused by the weakness of the EUR because of the euro area’s low economic figures and the strength of the NZD after the policy meeting of the Reserve Bank of New Zealand. Technically the pair has potential to slide lower in line with the harmonic pattern.
On the H4, EUR/NZD formed an “Inside bar”. If the current candlestick at this timeframe closes below 1.6835, the pair will likely fall to 1.6775 (78.6% Fibonacci of the January-February advance). A break below the latter will open the way down to 1.6665 (January lows).
The near-term outlook will remain bearish as long as the pair remains below 1.6920 (50% 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…