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.
AUD/USD: resistance is still strong
SELL 0.7055; TP 0.7020; SL 0.7070
Although the Federal Reserve switched to the dovish stance, the policy of other central banks seems even looser. As a result, the USD gets support versus riskier currencies like the AUD.
Have a look at the weekly chart: AUD/USD is facing resistance in the 0.7130 area, while the candlesticks have long upper wicks. The weekly close below 1.7100 will increase the negative pressure. Conservative traders may sell the pair below 0.7060 targeting support at 0.7020 (October low).
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.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.