Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
EUR/AUD: a way to bet against the euro
1. SELL at 1.5660; TP1 1.5625; TP2 1.5575; SL 1.5674;
2. SELL at 1.5620; TP 1.5575; SL 1.5635.
Cross currency pairs offer many exciting trading opportunities and are good for technical analysis.
For example, have a look at the weekly chart of EUR/AUD. Last week the pair tested the 50-week MA at 1.5770 but failed to get above it. A pin bar was formed below this resistance. It’s a sign that the downtrend continues. The weekly pivot is at 1.5674: as long as the pair stays below it, the outlook is negative.
Let’s move to H4. MACD entered the negative area, the pair fell below MAs, and it looks very much like a “Double Top” pattern with the neckline in the 1.5665 area. An opportunity to sell will present itself either below 1.5620 or on the retest of 1.5660.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
While biotech companies are struggling to find the vaccine, investors make bets who’ll win this race.
There are many things happening in the UK. What is the strategic outlook for the GBP?
The Australian dollar set a strong upward trend over a month. Will AUD loose its gains soon?