Brent oil has been trading sideways in the 62.00/58.00 area since the beginning of August.
Daily Market Analysis
The global economy is in real danger. Will the central banks come to save the day?
USD/TRY has formed a big “shooting star” candlestick on the W1 last week. A similar formation is visible on the D1.
The current risk aversion is encouraging the safe-haven demand for the JPY, while the weakness of the euro area’s economy is hurting the EUR.
GBP/CAD tried to recover in August, but its progress wasn’t very impressive. A “Dark Cloud Cover” pattern was formed on the W1.
Pay attention to the currency pair USD/ZAR. It has been consolidating between 15.10 and 15.50 since the start of August.
EUR/NZD has recently made a number of attempts to approach 0.76 but all of them failed.
The current fundamental picture for the GBP is full of events. Let’s see what’s happening in the United Kingdom and how it will impact the British currency.
Technical analysis of EURUSD
Although both the AUD and the NZD suffer versus the USD, it seems that, for now, the Australian currency is a bit stronger than New Zealand’s one.
USD/MXN had a very bullish August. The pair is currently testing the resistance line connecting the highs of 2017 and 2018 at 20.12.
XAU/USD has broken above the 50% Fibo of the 2011-2015 decline at 1,480 and the previous August high at 1,535.