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/JPY is choosing the way
Information is not investment advice
GBP/JPY has been moving up since the start of January. The pair broke out of a bullish flag and reached new highs in the 145.00 area. The natural target on the upside would be to test the 2018 downtrend resistance line in the 147.00 area.
However, so far GBP/JPY has been capped by the declining 200-day MA at 144.60. The Awesome Oscillator didn’t confirm the recent high. As a result, a pullback down to 100-day MA may bring the pair to 143.60 or to the next support at 143.00.
On H4, we can see that the most recent consolidation took place between 145.00 and 144.05. The direction of the breakout will decide the near-term fate of the pound.
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.
FLAGS EURUSD M30 ARROW Resistance 1…
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