Daily Market Analysis

GBP/USD formed a “Piercing line” pattern on the D1. The pair rose to the resistance line that connects April 30 and May 8 highs.

The recent initiative for a $546-bln financial aid package in the Eurozone made the EUR/USD break local resistance. How much fuel does it have?

GBP/AUD opened the week with a gap down. Things like that have already happened before and, back then, the price continued its way down.

GBP/CHF slipped below the 50-day MA this week. The line is currently acting as resistance at 1.1905. Earlier declines below it led to bigger moves down.

USD/JPY has returned below the 50-day MA as the market’s risk aversion increased. It seems that the market has formed an interim top.

EUR/USD recovered from the March-April support line and formed a “Piercing line” candlestick pattern on the D1.

AUD/NZD formed a “shooting star” candlestick on the W1. The pair ran into the resistance line from the 2018 highs and failed to close above the 200-week MA at 1.0650.

GBP/AUD has breached the support line from August 2019. What is happening at the chart looks like a pretty big change.

The movement in GBP/USD hasn’t started yet, but it surely will. For now the pair’s consolidating in the 1.2390/1.2295 area.

NZD/USD may be on the verge of breaking to lower levels. The pair formed a doji candlestick with a long upper shadow on the D1 - this is a bearish sign.

EUR/USD had been testing the support line connecting March and April lows. On Thursday, the pair slipped below this line.

Britain is at the crossroads of the virus fight. What is the outlook for the GBP/USD?