After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.
Daily Market Analysis
USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.
A bearish “engulfing” pattern was formed on the W1 chart of NZD/USD around the 38.2% Fibonacci retracement level of the July-October decline.
GBP/USD formed a lower high at the start of this month, pressured by the strong resistance in the 1.30 area.
Despite the overall positive sentiment for stocks, the stock of PepsiCo has experienced a substantial decline this week.
USD/CNH has been steadily declining since the start of October on hopes that the United States and China would take steps towards some kind of a trade deal.
USD/CHF is supported by the 50-day MA at 0.9917. The doji candlestick that formed on the D1 yesterday signals the market uncertainty.
EUR/NZD formed a number of candlesticks with long lower wicks on the D1 - a sign that there’s demand for the euro around 1.7300.
USD/TRY has broken above the descending wedge. It is currently testing levels above the 50-day MA at 5.7372.
XAU/USD ran into the resistance area around $1,515 which has been limiting the upside since the start of October - gold hasn’t closed above this level on the D1.
EUR/CAD strengthened last week but ran into the resistance of the 100-day MA around 1.4675.
USD/CAD shot up this week but met the resistance of the daily MAs in the 1.3200 area. Here’s also the 50% retracement of the October advance.