After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
NZD/USD will soon meet an obstacle
Information is not investment advice
NZD/USD closed last week below the declining 50-week MA (0.6765). The monthly chart also shows that the pair meets substantial selling interest when it tries to recover above 0.6900.
On D1, we witness a temporary recovery from the 50-day MA (0.6730). NZD/USD formed a “harami” pattern and will likely test the previous support and now resistance around 0.6770. This area, however, where the weekly pivot is located, looks a great place for selling.
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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