The currency pair was long due for a correction. Last week’s candlestick on W1 is a “shooting star”.
Daily Market Analysis
EUR/USD met resistance at 1.1280 last week: the euro made 3 unsuccessful attempts to break higher.
EUR/CHF broke below 1.1150 - the lower border of the sideways range within which it has been trading since the middle of 2018.
NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
EUR/JPY broke the support line connecting June lows and thus resumed the downtrend which has been in place since the start of 2018.
EUR/AUD is currently testing the support line from the start of 2017.
It seems that BTC/USD formed a “double top” after it had met resistance at the 61.8% of the 2017-2018 decline in the 13,500 area.
XAU/USD soared in June but didn’t manage to get above 1,440. Is there a pattern on the chart?
The pair may hold at the support in the 0.9820 area for some time and try to test levels around 0.9870/90.
GBP/USD recovered last week from the 1.2440 area but met resistance around 1.2570.
Last week EUR/NZD tried to test levels above 1.70 but failed to hold there and ultimately closed at 1.6820.
NZD/USD has been trading in a very volatile fashion recently. The latest development has been that the pair met resistance in the vicinity of 0.67.