AUD/USD carries the New York session’s downbeat sentiment forward while taking rounds to 0.6600 at the start of the Asian session on Wednesday. While the coronavirus-led risk-off keeps the risk barometer under pressure, weakness in the US dollar restricted the pair’s losses.
USD/JPY consolidates losses to 110.20 amid the initial Asian session on Wednesday. That said, the pair portrayed the broad risk-off, led-by coronavirus fears, while declining for the third day in a row during the previous day.
The coronavirus-related fall in US bond yields has been weighing on the US dollar. Nevertheless – and despite worries coming from Markit's PMIs – the greenback is set to gain more ground.
Gold extended previous day's intraday retracement slide from multi-year tops and witnessed some follow-through long-unwinding trade on Tuesday.
Bitcoin's price action has looked dire on Tuesday. The market has moved away from the highs seen on Feb 13th. On the Tue night close, if the market closes below 9,227 then we could be headed toward the 8,500 area marked on the chart.
Ethereum price alongside other cryptocurrencies is losing ground from the yearly highs posted in February at $288. The losses remain unstoppable following the rejection at $280.
TRON seems to be forming a classic downtrend at the moment. On the higher timeframes it could look like a deep retracement. On the 4-Hour chart below, the price has recently printed just below ...
SPECIAL YEARLY FORECAST
Markets' lean season has lasted two full years and while those are not yet over, flush times are looking more and more likely for this 2020. EUR/USD news: The beginning of the end of the trade war? Ever since hitting 1.2537 in January 2018, the EUR/USD pair has been on a selling spiral that set a multi-year low of 1.0878 just two months ago. The level can hardly be considered an interim bottom when just considering the following price’s recovery, but the focus this time shouldn’t be put on technical readings, but in politics.
The Technical Confluences Indicator is showing that the A$ is struggling around 0.6598, which is the convergence of the Bollinger Band 1h-Lower and the BB 4h-Lower.
The most significant support line awaits at 0.6572, which is the meeting point of the Pivot Point one-week Support 3 and the PP one-month S1.
Robust resistance awaits at 0.6609, which is a dense cluster of lines including the Fibonacci 161.8% one-week, the Simple Moving Average 5-1h, the SMA 10-1h, and the previous daily low.
Further up, 0.6642 is the upside target, a point where the Fibonacci 38.2% one-day, the SMA 10-4h, the BB one-day Lower, and the BB 1h-Upper all meet.
NEXT LIVE SHOWS
|Date||Event Title||Sponsor||More Info|
|Premium||Why Trade Naked? Walter Peters||Event Details|
|Premium||US Pre-Market Open Ed Ponsi, CTA||Event Details|
|Premium||US Session Open Ed Ponsi, CTA||Event Details|
|Introduction to FXStreet Signals Service Gonçalo Moreira, CMT||Event Details|