EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
GBP/USD became more stable
2019-11-11 • Updated
BUY 1.2275; TP1 1.2335; TP2 1.2360; SL 1.2260
SELL 1.2205; TP 1.2170; SL 1.2220
The British pound has found some grounds versus the greenback during the last two weeks. Firstly it formed a “harami” pattern near the support line on W1, then the pattern was confirmed by another bullish weekly candlestick. Yesterday GBP/USD found the support of the weekly pivot point at 1.2213. As long as the pair remains above this point, it has a chance to test higher levels. The declining 200-period MA on H4 at 1.2270 looks like an obstacle for buyers, but a break above this level will open the way up to 1.2335 (23.6% Fibo of the March-August decline) and 1.2362 (first weekly pivot resistance). On the other hand, if the pair turns down from 1.2270, it will mean a short-term top. The decline below 1.2210 will make the pair slide to the support at 1.2170.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
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The GBP is likely to move upward until it reaches the resistance of 1.2795.
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