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.
NZD/USD awaits volatility
SELL 1.6710; TP1 0.6665; TP2 0.6600; SL 0.6740
NZD/USD is about to experience a spike in volatility. Big moves may be triggered by the meeting of the Reserve Bank of New Zealand early on Wednesday.
Weekly and monthly timeframes show that NZD/USD has recently met long-term resistance and turned down. The pair is currently holding to the ultimate support at 1.6720 (100-day MA). The decline below this level will open the way down to 0.6665 (78.6% Fibo of the January advance, trendline support from September) and probably even 0.66 if we assume that the pair’s forming a “Shark” pattern.
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.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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