The EURJPY tested major resistance ahead of the ECB meeting. When a pair hits a level so many times, we often refer to that level the “bull/bear” line.
The double top in the US Dollar index is testing the neckline which is very important support at the 97.00 level for a few reasons.
Although the GBPUSD went as low as 1.2580 today the fact that we are holding above the 1.2600 level tells us how important this level of support is for the end of the week.
The USDCAD rallied above the 1.3500 level following the BOC rate decision, and the pair looks to have broke out.
The GBPJPY is moving lower within a descending wedge as we surpass the 127% extension of the Feb lows to March highs.
The EURUSD is at risk of a double bottom being formed since the 1.1110 level held as support once again.
The NZDUSD has been following a steep downtrend line since March, and we are nearing the 88% retracement of the Sept 2018 lows to December 2018 highs and also the 127% extension of the December 2018 lows to 2019 highs.
The GBPJPY (aka the Guppy) is closing in on some key support at the 127% Fibonacci extension of the February lows to highs and the 261% extension of the last rally at the 138.90-139.40 level.
If you watch the weekly “Week Ahead” video that we post on YouTube, you may have recalled us discussing the USDCNH chart. Since the weekend, the USDCNH has rallied sharply and is now above the 78% retracement at 6.9238.