Let’s face it: the famous safe-haven Japanese yen is the most undervalued major currency right now. Let’s find out the reasons behind this performance of the Japanese currency.
GBP/NZD is following a corrective cycle
GBP/NZD has been riding a bearish sequence below the 200 SMA at H1 chart and looks forward to correct the most recent sharp decline, which has been holding since December 8th highs. The nearest strong resistance lies at 38.2% Fibonacci zone and it should give up in order to allow another leg higher towards the 50% level at 1.9353. If the pair manages to pullback at such area, the next key target should be the -23.6% level at 1.8738.
RSI indicator remains slightly in the negative territory.
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…