USD/MXN has found itself within a rather steep downtrend. The pair has topped at 19.6550 at the end of November and during the last several days dropped below the 100-, 50- and 200-day MAs.
Daily Market Analysis
The upside of EUR/CHF has so far been limited by 1.0975. On Monday, the pair slipped below 1.0940 resuming the decline that started last week.
USD/BRL has started the week with a substantial move to the downside. The pair formed a lower high last week, thus the price action strongly resembles the “Head and Shoulders” pattern.
Last week AUD/USD managed to take off from the 0.7660 area. Then it consolidated between 0.6855 and 0.6810.
XAU/USD ran into the resistance of the 50-day MA in the 1,481.65 area. Learn more!
Technically, Brent made a big advance yesterday rising from the support of the 100- and 50-day MAs in the 61.25 area.
The attempt of AUD/CHF to overcome 0.6800 so far hasn’t been successful. The pair formed a “spinning top” candlestick on the D1 on Tuesday.
EUR/USD was supported in the 1.0990 area last week. The support was strengthened by the fact that the attempted breakout of this level failed.
The stock of Pepsico formed a higher low and arrived at the resistance line that connects October and November highs in the 136.50 area.
USD/JPY had a bullish week. Yet, we should notice that the pair has reached some heavy resistance: 100-week MA (109.66) and 200-week MA (109.84).
GBP/USD met resistance at 1.2950 (resistance line connecting the highs of November). The Awesome Oscillator on the D1 is declining.
USD/MXN has been strengthening since the start of November, although you can notice by looking at the chart that the advance hasn’t been smooth.