U.S. stock markets opened higher on Monday, buoyed by hopes for a last-minute agreement on a comprehensive fiscal stimulus package before the elections on November 3.
AUD/NZD formed a top
2020-05-04 • Updated
AUD/NZD formed a “shooting star” candlestick on the W1. The pair ran into the resistance line from the 2018 highs and failed to close above the 200-week MA at 1.0650. These are serious arguments in favor of the further decline. The initial target lies at 1.0510 (50-week MA). There may be some support at 1.0550 (trendline). Only the return back above 1.0650 will improve the picture.
Trade idea for AUD/NZD
SELL 1.0545; TP 1.0510; SL 1.0560
EUR/AUD formed a candlestick with a long upper shadow on the D1. The pair is currently testing levels below the 50- and the 100-period moving averages.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday.
Asian equity markets resumed the weak performance seen across global peers which culminated in Wall St’s worst day in over a month