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.
EUR/NZD is about to move
SELL 1.7470; TP1 1.7400; TP2 1.7360; SL 1.7490
BUY 1.7600; TP 1.7680; SL 1.7580
EUR/NZD has recently made a number of attempts to approach 0.76 but all of them failed. The recent highs are not confirmed by the Awesome oscillator on the D1 and the H4. As a result, if the euro area releases weaker economic figures, the currency pair will suffer. The decline below 1.7475 (August 13 high) will open the way down to 1.7400 (50-period MA on H4) and 1.7360 (10-period MA). On the other hand, if the NZD is hit more by the trade war, the pair will have a chance of the advance from 1.7590 to 1.7690 (the line connecting May and August highs).
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.
It looks like the American stock market woke for the true depth of dangers presented by the Coronavirus. Why now?
AUD is on a downswing against the USD. It reached the Spring-2009 lows. Will it continue the same direction?
NZD seems to be in an equal fight against the JPY. What stands behind that?