EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
A trade idea for AUD/CAD
2019-11-11 • Updated
BUY 0.9365; TP 0.9408; SL 0.9350
It looks like AUD/CAD formed an “Inverted Head and Shoulders” pattern on D1. The candlestick on W1 is a bullish “hammer”. To place a trade, we plotted Fibonacci retracements from April-May decline. An advance above 0.9360 will open the way up to 0.94. Notice that the currency pair will meet significant resistance in the 0.9440 area (daily MAs).
Sell trades will become relevant if the price gets back below 0.9300.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?
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