GBP/CAD tried to recover in August, but its progress wasn’t very impressive. A “Dark Cloud Cover” pattern was formed on the W1.
Daily Market Analysis
Pay attention to the currency pair USD/ZAR. It has been consolidating between 15.10 and 15.50 since the start of August.
EUR/NZD has recently made a number of attempts to approach 0.76 but all of them failed.
Although both the AUD and the NZD suffer versus the USD, it seems that, for now, the Australian currency is a bit stronger than New Zealand’s one.
USD/MXN had a very bullish August. The pair is currently testing the resistance line connecting the highs of 2017 and 2018 at 20.12.
XAU/USD has broken above the 50% Fibo of the 2011-2015 decline at 1,480 and the previous August high at 1,535.
GBP/AUD broke above 1.8015 leaving the range within which it consolidated since the start of July.
Yesterday GBP/USD found the support of the weekly pivot point at 1.2213. As long as the pair remains above this point, it has a chance to test higher levels.
USD/CHF tried to move higher last week but was stopped by the 100- and 200-week moving averages in the 0.9850 area.
As long as EUR/GBP is trading below 0.9100, we will keep seeing a top on the chart that greatly resembles a “Head and Shoulders” pattern.
The stock of Pepsico formed a kind of messy inverted “Head and Shoulders”.
The euro is fundamentally weak