WTI oil has found support in the 49.35 area for the second time this February.
Daily Market Analysis
AUD/CHF formed a higher low on the H1. The pair may be forming something like a “Crab” harmonic pattern.
NZD/USD has met the resistance of the 200-day MA earlier this week (0.6500) and closed below the 100-day MA (0.6460) on Thursday.
Earlier this week, comments of country’s central bank had pushed AUD/USD up from the 2019 lows. Then it met resistance.
EUR/GBP formed an interim bottom in the 0.8930 area and closed above the 50-day MA at 0.8490 on Monday.
Last week EUR/NZD made a triumphant comeback to the upside. The pair rose above the 50- and 100-week MAs in the 1.7000/7025.
S&P 500 met resistance at the 61.8% Fibo of the January 24-27 decline. The index is quite volatile these days offering traders opportunities to make profit.
The meeting of the Federal Reserve at 21:00 Mt time will be the highlight of the day. There is a very high possibility that the event will make an impact on USD/JPY.
CHF/JPY has been declining since the middle of January. It went down, as the yen was the number one safe haven after the outbreak of the coronavirus in China.
AUD/USD broke through the most important daily moving averages, slipped below the support at 0.6830.
On the H1, USD/JPY is recovering after the selloff that took place during the previous three days.
USD/CAD made big moves during the Bank of Canada’s meeting yesterday. Still, the rally may not be over yet.