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.
USD/CAD: loonie learned 3 moves
TP1 1.2955 TP2 1.2855 TP3 1.275
On the daily chart, USD/CAD keeps forming “Three moves” pattern as well as “Spike and reversal with acceleration”. A successful test of support at 1.3055 will allow bears to lead the pair out of the descending trend channel and continue the decline. On the other hand. A turn around from the important level will give bulls hope for the uptrend’s resumption.
On H1 of USD/CAD, bulls are trying to form a “Three Indians” pattern and resume the uptrend. However, if the pair slides below July low, the sellers will develop a correction.
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.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.