EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
USD/CAD is capable of more
Information is not investment advice
USD/CAD made big moves during the Bank of Canada’s meeting yesterday. Still, the rally may not be over yet. Canadian central bank has given the market a lot of negative fuel, so the CAD may keep losing versus the USD. This means upside for USD/CAD.
The pair has formed a bottom in the 1.2950 area earlier this month (2019 support line). This week it has made a big advance above the 200-week MA and is currently testing the 100-week line in the 1.3160 area. Another resistance is at 1.3185 (61.8% Fibonacci retracement of the November-January decline). In the short term, corrections are possible, but the declines should meet support at 1.3140 and 1.3095 offering buy opportunities at these levels. Upside targets lie in the 1.3245 and 1.3300 areas.
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.
Stocks futures rose on Monday, indicating a higher start to the first session of August.
The Bank of England is expected to keep its monetary policy unchanged this Thursday.
US cases jump by 67.000, US agrees to pay Sanofi and GSK 2.1 billion dollars for 100 million doses of coronavirus vaccine.