Several indicators confirm the bullish reversal of EURUSD.
Daily Market Analysis
AUD/NZD is declining for the third week in a row. It’s happening as the AUD is pressured by the weak Australian data, while New Zealand is releasing more decent figures.
Today, NZDCAD gives an example of a bearish reversal scenario confirmed by the RSI and the Stochastic Indicator.
GBP/CAD met resistance ahead of 1.7285 and formed a “shooting star” on the weekly chart.
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AUD/USD tried to recover this week, but its advance was stopped by the 100-day MA at 0.6830.
GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.
EUR/NZD has been descending since the middle of October when it recoiled down from the resistance line connecting 2015 and 2018 highs.
Platinum is likely to bounce back down after it reaches the local resistance level.
EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.
The US dollar is currently in a correction, but is likely to continue the trend down.
USD/CAD formed a “gravestone doji” candlestick on the W1 ahead of the 50-week MA (1.3280). Learn more!