USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
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).
EUR/AUD formed a candlestick with a long upper shadow on the D1. The pair is currently testing levels below the 50- and the 100-period moving averages.
USD/JPY has recently formed a higher low at the end of last week. Today the pair is testing levels above the 50-day MA.
EUR/USD is trading below 1.1750. Any further downside pressure will push prices down to 1.1730 and even lower to 1.1700.
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday.