EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
EUR/USD once again turned lower
Information is not investment advice
The key currency pair met the resistance of the 50-day MA. This line stopped the advance of the pair in April and has once again provided an obstacle for bulls this week around 1.1245. In addition, EUR/USD was limited on the upside by the declining resistance line for many months already.
On H4, we can see that the pair fixed below the line connecting the lows of April and May in the area of 1.1180. As a result, it’s possible to expect the euro to return to these lows which are located in the 1.1135/20 area.
Fundamentally the euro is under pressure as Italian Deputy Prime Minister Matteo Salvini said that right-wing League party will “tear apart” European Union rules if it gets good results at European parliamentary election on May 23-26.
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.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
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.