Daily Market Analysis

After forming a diamond-like top below 1,700, XAU/USD went consolidating. Pay attention to the support and resistance levels!

USD loses value against the EUR. How much of an issue is that?

EUR/USD has reached December high at 1.1240 and is actively testing levels above it. The picture at the chart changes very fast.

If you don’t want to deal with the violent moves of the USD these days, consider crosses, for example, EUR/JPY.

Just like EUR/AUD, EUR/CAD has soared during the period since February 20. There’s a chance that the pair will follow the path of EUR/AUD after the BOC meeting.

As the market expected, the Reserve Bank of Australia has cut its interest rate from 0.75% to 0.5%. AUD/USD rallied on the news as the decision had been priced in.

AUD/JPY is in the downtrend since the start of the year. It was capped on the upside by all the three important moving averages on the D1.

The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.

Currently, the precious metal trades in the zone of 7-year highs. How far away is the all-time high?

The volatility in USD/MXN has jumped. The pair is correcting up within the downtrend, which has been in place since September.

GBP/USD had been rejected down from the 200-week MA in the 1.3033 area. Then it fell below the 100-week line at 1.2950.

NZD/USD has once again found support in the 0.6830 area. The price action on the H1 chart strongly resembles an inverted “Head and Shoulders” pattern.