The USD has been steady versus a basket of major currencies since the start of 2019 but suffered this week. So, what future awaits it?
Daily Market Analysis
EUR/JPY remains within the general downtrend and looks like it’s ready for another swing lower.
Times are quite turbulent for the British pound. GBP/CAD has already retraced down 61.8% of the August-September advance.
USD/JPY has been slowly moving higher during the recent days and approached September highs in the 108.47 area.
AUD/NZD has once again turned down from 1.0800 as the AUD got hit by the RBA’s decision to cut its interest rate.
XAU/USD formed a lower high at 1,535 after rising to 1,557 at the beginning of September.
Last week, EUR/GBP recovered from 0.8800 (the 61.8% Fibo retracement of the March-August advance) and 0.8835 (100- and 50-week MAs; 200-day MA).
Last week GBP/CHF topped at 1.2475 as it met the previous support and now resistance line connecting the 2016 and 2018 lows.
EUR/NZD has once again turned down from the levels around 1.7600. The further downside is possible.
What’s next for oil? In this article, we try to analyze various fundamental factors to answer this question.
As we had foreseen earlier this week, USD/JPY traveled lower, to the 107.00 area. Then, however, it managed to rebound from the 50-day MA and return above 107.50.
USD/MXN may have found a short-term base and can test resistance at 19.67.