If you don’t want to deal with the violent moves of the USD these days, consider crosses, for example, EUR/JPY.
Daily Market Analysis
Just like EUR/AUD, EUR/CAD has soared during the period since February 20. There’s a chance that the pair will follow the path of EUR/AUD after the BOC meeting.
As the market expected, the Reserve Bank of Australia has cut its interest rate from 0.75% to 0.5%. AUD/USD rallied on the news as the decision had been priced in.
AUD/JPY is in the downtrend since the start of the year. It was capped on the upside by all the three important moving averages on the D1.
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
Currently, the precious metal trades in the zone of 7-year highs. How far away is the all-time high?
The volatility in USD/MXN has jumped. The pair is correcting up within the downtrend, which has been in place since September.
GBP/USD had been rejected down from the 200-week MA in the 1.3033 area. Then it fell below the 100-week line at 1.2950.
NZD/USD has once again found support in the 0.6830 area. The price action on the H1 chart strongly resembles an inverted “Head and Shoulders” pattern.
Coronavirus keeps disturbing China, and the world. Consequently, gold keeps rising. Reaching $1,600 is "if" or "when"?
WTI oil has reached our previous targets. On the W1, a big bullish candlestick engulfed the previous bearish one.
EUR/NZD formed a “hanging man” pattern on the W1 and went down to trade below the 100- and 50-week MAs.