Let’s look at the charts. EUR/USD has touched the lower line of the Bollinger Bands indicator, so we can assume that the reverse is close and the pair may move up today. If it jumps above the key psychological mark of 1.1800, the way to yesterday’s high of 1.1840 will be clear. In the opposite scenario, if it falls below the key support of 1.1750, the doors to 1.1700 will be open.
AUD/USD has surged due to the economic data. If it manages to break the 38.2% Fibonacci retracement level of 0.7160, it should then reach the high of October 14 at 0.7190. Otherwise, the move below yesterday’s low of 0.71250 will drive the price to the 23.6% Fibo level of 0.71000.
USD/JPY has sharply dropped. The way to the key support of 104.00 is open. If it crosses this level too, it may fall to the next round number of 103.50. In the opposite scenario, the move above the resistance zone of 104.85-105.00 will push the pair to the high of October 20 at 105.45.
Finally, let’s talk about gold. It has approached the significant resistance of $1 912. If it breaks it, it may jump to October’s peak of $1 925. However, the strong upper trendline may constrain its way up. So, if it fails to cross $1 912, it may fall to the support of $1 890 and then to $1 875.
The Bank of Canada will deliver the monetary policy report this evening and hold a press conference. Follow it and keep an eye on the Canadian dollar!
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
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