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.
XAU/USD aims higher
2019-11-11 • Updated
BUY 1,557; TP 1,582; SL 1,540
Given the overall uncertainty about the global economic growth, concerns about the US-China trade war and the no-deal Brexit, there’s a fairly big chance that gold will continue strengthening. XAU/USD has already broken above the 50% Fibo of the 2011-2015 decline at 1,480 and the previous August high at 1,535. The natural bullish target is at 1,584 (61.8% Fibo). As a result, despite the technical bearish divergence on the D1, it’s possible to pursue more buying. The ADX shows that the uptrend is still rather strong. On the downside, the decline below 1,535 will open the way down to 1,500.
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 number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?