After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
Levels to trade AUD/JPY
Information is not investment advice
AUD/JPY has been recovering from the 74.00 area since the start of January, but met resistance in the 76.00 area (Dec. 13 high). On the D1, the pair formed a small “spinning top” – a candlestick signaling market’s uncertainty. The direction of a breakout from the current range between 76.10 and 75.85 will determine the further move. A break above 76.10 will open the way up to December highs around 76.50. The decline below 75.58 (100-day MA on the H4) should trigger a fall to 75.25 (50-period MA).
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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