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: more trade ideas
SELL 1.3110; TP 1.3050; SL 1.3130
SELL 1.3230; TP 1.3115; SL 1.3265
USD/CAD has reached the target at 1.3115 we’ve given earlier this week. The pair’s currently supported by the 50-day MA. However, a spike in volatility is expected today due to the release of the US Nonfarm Payrolls.
If the market goes through this support, the natural target will be at 1.3050 (trendline support of 2018, 38.2% Fibo of 2017-2018 advance).
On the upside, a recovery above 1.3170 may lead the pair up to 1.32 and 1.3260 if the US data give a positive surprise.
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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