Technically WTI is testing levels below the 200-week MA. This makes it vulnerable for the retest of June and August lows.
Daily Market Analysis
America will release more economic figures on Tuesday and Friday, and USD/JPY should be one of the most active movers on the news.
EUR/JPY remains within the general downtrend and looks like it’s ready for another swing lower.
Times are quite turbulent for the British pound. GBP/CAD has already retraced down 61.8% of the August-September advance.
USD/JPY has been slowly moving higher during the recent days and approached September highs in the 108.47 area.
AUD/NZD has once again turned down from 1.0800 as the AUD got hit by the RBA’s decision to cut its interest rate.
XAU/USD formed a lower high at 1,535 after rising to 1,557 at the beginning of September.
Last week, EUR/GBP recovered from 0.8800 (the 61.8% Fibo retracement of the March-August advance) and 0.8835 (100- and 50-week MAs; 200-day MA).
Last week GBP/CHF topped at 1.2475 as it met the previous support and now resistance line connecting the 2016 and 2018 lows.
EUR/NZD has once again turned down from the levels around 1.7600. The further downside is possible.
As we had foreseen earlier this week, USD/JPY traveled lower, to the 107.00 area. Then, however, it managed to rebound from the 50-day MA and return above 107.50.
USD/MXN may have found a short-term base and can test resistance at 19.67.