GBP/AUD broke above 1.8015 leaving the range within which it consolidated since the start of July.
Daily Market Analysis
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
AUD/CHF is trading within a long-term downtrend. Now there’s scope for a bullish correction.
Last week the stock of Alibaba rallied. The price moves close to the resistance line connecting April and July highs and the 100-week MA in the 175.00 area.
To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).
EUR/CAD has tried to return above the previous support and now resistance line connecting the lows of 2015 and 2017.
USD/TRY met resistance near the line connecting 2019 highs in the 5.62 area. This is also where the 50-week MA is capping the price.
EUR/GBP may be about to make a bigger downside correction. The pair closed yesterday below the August support line and slipped below the weekly pivot point at 0.9250.