Long-term and short-term analysis of the Australian dollar's performance against the US dollar.
USD/JPY on the way to resume the bearish bias
USD/JPY found strong resistance around 112.08 after Fed’s decision to keep rates unchanged at July’s meeting. Such decline coincides with the Fibonacci retracement levels of 61.8% and 50%, which corresponds to the 112.43 and 112.08 levels respectively. If the move continues to strengthen in coming hours, we can expect a decline to take place towards 109.91, at which lies the -23.6% Fibonacci retracement level.
To the upside, the pair could invalidate that scenario with a breakout above 112.53, with the nearest target placed around 112.93. RSI indicator is oversold.
A local flirting with the resistance or a serious intention to break through? We will examine the price action of GBP against CHF on high timeframes to answer this question.
The bearish bias appears to start losing power. The market reversal upwards is still to be confirmed.
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An examination of how the US-China trade tensions have been influencing the USD/CNH and how to trade on it.
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