USD/JPY managed to rise above the 50-period MA on H4 and get above the highs of last week.
Daily Market Analysis
This week the pound has found some temporary relief as investors’ concerns went down a notch.
XAU/USD is currently consolidating within a triangle on H4 offering a perfect opportunity to trade on a breakout to either direction.
BTC/USD slipped at the beginning of June. During the recent days, it has found support in the $7,550 area and tried to recover.
Trading the news is, of course, risky but sometimes the risk is worth taking.
Looking for a way to bet on the weaker USD, we considered several currency pairs but the one that came to our attention was USD/SGD.
The short-term picture looks bullish, and NZD/USD will be able to reach 0.67 as long as it’s trading above 0.66.
EUR/JPY is correcting up. There’s a bullish impulse on H4.
Now we are much more certain that the pair will test lower levels.
Risk aversion persists and so far there are no signs that the situation will improve.
The commodity is hurt by the uncertainty about the US-China trade tension and the future of global oil demand for the rest of the year.