EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
NZD/USD aims higher
Information is not investment advice
Market’s risk sentiment is quite positive, so commodity currencies are strengthening versus the USD. NZD/USD has been performing really well since the start of December as it managed to break above the line connecting 2018 and 2019 highs. In addition, last week it closed above the 50-week MA at 0.6580 despite testing lower levels. Moreover, the pair ended Thursday above 78.6% Fibo of the July-October decline at 0.6660. The natural target is at 0.6730 (the declining 100-week MA). The next resistance after that will be at 0.6790 (July high).
Support is at 0.6635 (December 13 high). A decline to 0.6565 (61.8% Fibo) should attract more buyers.
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.
The New Zealand dollar is rising for the sixth straight day, outperforming its major peers. What is the reason? Let’s find out!
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
Oil keeps rallying for the fourth day in a row after Goldman Sachs claimed that the oil market is in deficit and also because of the recent storm in the Gulf of Mexico, which led to the sharp decline of oil production. It is the best week for oil since June!