AUD/NZD has once again turned down from 1.0800 as the AUD got hit by the RBA’s decision to cut its interest rate.
Daily Market Analysis
XAU/USD formed a lower high at 1,535 after rising to 1,557 at the beginning of September.
Last week, EUR/GBP recovered from 0.8800 (the 61.8% Fibo retracement of the March-August advance) and 0.8835 (100- and 50-week MAs; 200-day MA).
Last week GBP/CHF topped at 1.2475 as it met the previous support and now resistance line connecting the 2016 and 2018 lows.
EUR/NZD has once again turned down from the levels around 1.7600. The further downside is possible.
As we had foreseen earlier this week, USD/JPY traveled lower, to the 107.00 area. Then, however, it managed to rebound from the 50-day MA and return above 107.50.
USD/MXN may have found a short-term base and can test resistance at 19.67.
GBP/JPY formed a “shooting star doji” candlestick on the W1. This is a bearish sign.
Given the global economic and political background, selling AUD/CHF seems like a good idea.
The Australian dollar will likely be quite volatile on Tuesday as the Reserve Bank of Australia Governor Philip Lowe is scheduled to speak at 12:55 MT time.
USD/JPY formed a candlestick on the W1 that strongly resembles a “shooting star”.
GBP/USD is having a third bullish week in a row.