EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
GBP/USD: outlook remains bearish
Information is not investment advice
In the current financial turmoil, the British pound doesn’t look like the currency of choice. At least, not versus the US dollar or the Japanese yen.
GBP/USD retraced more than 78.6% Fibonacci of the 2019 advance. Last week was the worst for the pair since the Brexit referendum. Despite the fact that the pair is oversold in the short-term, the market’s demand for the greenback remains strong. The GBP, on the other hand, is vulnerable because of Brexit and Britain’s large current account deficit. Finally, the UK is affected by the coronavirus outbreak. The advance above 1.2300 is needed for a correction to 1.2550.
Trade idea for GBP/USD
SELL 1.2185; TP 1.2055; SL 1.2210
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.
US final GDP for 2Q -31.4%% vs -31.7% estimate
ADP, US GDP, Chicago PMI and Canadian GDP – all numbers exceeded expectations. Which currency will outperform? Let’s try to find out.
EUR/CAD may get down to the bottom of the September sideways channel if bears keep pressing.