GBP/JPY has bullish momentum
GBP/JPY has formed a higher low, retraced 50% of the February-March decline, closed above 134.40 on Wednesday and is trading above the March high.
Will EUR/CAD follow EUR/AUD?
Information is not investment advice
The Bank of Canada will announce its interest rate decision at 17:00 MT time. According to the forecast, the regulator will lower the key interest rate from 1.75% to 1.25%.
On Tuesday, the Reserve Bank of Australia cut its key rate from 0.75% to 0.5%. The AUD, however, strengthened versus the EUR. If you look at the chart of EUR/AUD, you will see that the pair went down on the day of the meeting and the following day.
Just like EUR/AUD, EUR/CAD has soared during the period since February 20. There’s a chance that the pair will follow the path of EUR/AUD after the BOC meeting. Technically, EUR/CAD met resistance at 1.4945 (100-week MA). The return below the 2018 resistance line in the 1.4880 area will be a bearish sign. On the H4, there’s bearish divergence. The decline below 1.4860 will open the way down to 1.4830 (200-day MA) and 1.4770 (November high).
Trade idea for EUR/CAD
SELL 1.4860; TP1 1.4830; TP2 1.4770; SL 1.4875
Elizabeth Belugina
Similar
EUR/USD: a temporary bottom
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
GBP/USD: consolidation
How does the GBP/USD look like?
Popular
OPEC: decision time
Time to collect our knowledge about OPEC and prepare for its meeting.
GBP/USD: waiting for input
The British pound is struggling, and there are a lot of reasons for that. What's the outlook?
GBP/JPY has bullish momentum
GBP/JPY has formed a higher low, retraced 50% of the February-March decline, closed above 134.40 on Wednesday and is trading above the March high.
Choose your payment system
