After opening the week with a gap up, EUR/CAD formed two inside bars on the D1. This is the sign that the advance has run out of steam.
Daily Market Analysis
The decline of USD/CHF from February highs to March lows was epic. The pair then reached support at 0.9185 (2018 low) and turned up.
After forming a diamond-like top below 1,700, XAU/USD went consolidating. Pay attention to the support and resistance levels!
USD loses value against the EUR. How much of an issue is that?
EUR/USD has reached December high at 1.1240 and is actively testing levels above it. The picture at the chart changes very fast.
If you don’t want to deal with the violent moves of the USD these days, consider crosses, for example, EUR/JPY.
Just like EUR/AUD, EUR/CAD has soared during the period since February 20. There’s a chance that the pair will follow the path of EUR/AUD after the BOC meeting.
As the market expected, the Reserve Bank of Australia has cut its interest rate from 0.75% to 0.5%. AUD/USD rallied on the news as the decision had been priced in.
AUD/JPY is in the downtrend since the start of the year. It was capped on the upside by all the three important moving averages on the D1.
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.
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.