EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.
NZD/USD ahead of the RBNZ meeting
SELL 0.6335; TP1 0.6300; TP2 0.6260; SL 0.6355
BUY 0.6390; TP 0.6425; SL 0.6375
A bearish “engulfing” pattern was formed on the W1 chart of NZD/USD around the 38.2% Fibonacci retracement level of the July-October decline. The pair’s currently is trying to return above the 50-day MA in the 0.6340 area, but we have to be cautious about the upside. The Reserve Bank of New Zealand is expected to cut its benchmark interest rate early on Wednesday that creates a big risk for the NZD. The decline below 0.6340 will open the way down to 0.6320 (last week’s low) and 0.6300 (support line connecting October lows). The loss of 0.6300 will lead to a bigger fall to 0.6260 (78.2% Fibo of the October-November advance). On the upside, resistance is at 0.6365 and 0.6385. Only the advance above the latter will open the way up to the October highs in the 0.6425/35 area.
USD/CHF has made an impressive movement to the downside. The pair has closed on Wednesday below the 61.8% Fibonacci retracement in the 0.9455 area.
On the D1 chart of GBP/USD the price action conforms to the bearish “Crab” pattern.
Risk-on pushed stocks and riskier currencies upward.
It’s simply the question of time before gold price gets to the higher levels…
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