EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
How to trade GBP/USD?
Information is not investment advice
Last week GBP/USD has failed to stay above the 200-week MA (1.3065) for the second time. The pair has made a series of lower highs and is currently testing levels below the key psychological level of 1.30. The next important level on the downside is support at 1.2950 (the line connecting November and December lows). On the D1, the Awesome Oscillator topped and reached the 0 line. The fall below 1.2950 will open the way down to 1.2900. The key support will be located at 1.28 (the line connecting 2019 lows). On the upside, the return above 1.3020 is needed to allow a recovery to 1.3060.
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.
U.S. stocks are set to open lower Friday, continuing the recent selloff with investors' confidence hit by a combination of pandemic, economic and political worries
European stock markets largely weakened Friday, with investors concerned that the second wave of Covid-19 cases will halt the region’s nascent recovery.
XAU/USD formed a “hammer” candlestick on the D1 ahead of the 100-day MA. The price made a higher low on the H4 and now only the resistance at $1 877 separates the precious metal from further gains.