After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
GBP/CHF was rejected down
Information is not investment advice
Here’s another short-term trade idea based on pursuing the market’s correction (remember that this kind of trade is riskier than trend trading).
GBP/CHF got capped last week by the descending 200-week MA at 1.3320. This is a very strong resistance level. On D1, we can see that the pair rapidly turned down from that level. The weekly pivot point is located at 1.3186, and GBP/CHF is now trading below this level. There are reasons to expect that the pound will slide a bit more before it gets to support line of the uptrend which has been in place since the start of the year.
The return above 1.32 is needed to let the pair retest 1.3260 and 1.33.
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.
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