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/USD is still weak
Information is not investment advice
GBP/USD recovered last week from the 1.2440 area but met resistance around 1.2570 (resistance line from the end of June). The two attempts to overcome this level failed and the pair returned just above 1.25 where it started consolidating. As long as the pound stays above this support, it will retain a chance to continue consolidation and test the further resistance around 1.26 in line with last week’s candlestick that showed the pound wanted to find a base. However, the loss of 1.25 will mean a “double top” and open the way down to 1.2440 once again.
Note that the pound is under the negative pressure as traders worry about the prospect of eurosceptic Boris Johnson winning the Conservative party leadership contest.
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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