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.
Trade idea for EUR/NZD
SELL 1.66; TP1 1.6530; TP2 1.64; SL 1.6635
EUR/NZD tends to move in steep trends. Currently, it’s in the phase of decline. The pair closed last week below the 100-week MA (now resistance at 1.6650) and the weekly Ichimoku Cloud. The Awesome Oscillator on W1 also sends a negative signal. The 100-month and 200-week MAs in the 1.6325/00 area may act as a medium-term target.
On D1, the pair formed a small candlestick with a considerable upper wick ahead of the downtrend resistance line. All of this shows that the movement to the downside will likely continue as long as EUR/NZD stays below 1.6630 (weekly pivot point).
EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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