The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
AUD/CAD can get higher
BUY 0.9000; TP 0.9050; SL 0.8980
AUD/CAD is trying to hold at some important long-term levels (0.8970 is the 50% Fibo retracement of the 2008-2012 advance). A bullish weekly candlestick with a long lower wick shows that bulls are willing to buy below it. On the D1, the pair closed above the 50-day MA on Friday (0.8990) after forming a higher low earlier last week. As long as it trades above 0.8990/70, it has bullish momentum for a move up to 0.9050, approaching the 100-day MA.
Currently, the precious metal trades in the zone of 7-year highs. How far away is the all-time high?
The volatility in USD/MXN has jumped. The pair is correcting up within the downtrend, which has been in place since September.
It looks like the American stock market woke for the true depth of dangers presented by the Coronavirus. Why now?
AUD is on a downswing against the USD. It reached the Spring-2009 lows. Will it continue the same direction?
NZD seems to be in an equal fight against the JPY. What stands behind that?