After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
USD/JPY will move on the FOMC meeting
Information is not investment advice
The meeting of the Federal Reserve at 21:00 Mt time will be the highlight of the day. There is a very high possibility that the event will make an impact on USD/JPY. The pair has opened with a gap down this week but got support around 108.90/70 (50-week MA, 100-day MA). However, on the D1, the 50-day MA has limited the recovery. The Awesome Oscillator on the D1 is negative, so USD/JPY may retest the 108.70/50 area. The next support will be at 108.05. The USD will slide if the Fed mentions the coronavirus. On the other hand, an advance above 109.30 will give the pair a boost towards 109.70.
Trade ideas for USD/JPY
BUY 109.35; TP 109.70; SL 109.20
SELL 109.05; TP 108.75; SL 109.20
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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