USD/JPY respects Fibonacci retracement

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Source: Dukascopy Bank SA


The support of the 50.00% Fibonacci retracement level at 108.35 held and caused another surge to the technical levels near 109.00. During the early hours of Wednesday's trading, the pair had reached the resistance of the weekly simple pivot and the 100-hour simple moving average at 108.90.

If the rate manages to pass the weekly simple pivot point's and 100-hour SMA's resistance at 108.90, the rate would most likely find resistance in the 109.00 level and the 200-hour simple moving average.

On the other hand, a possible decline could look for support in the 55-hour SMA before dropping to the 50.00% Fibonacci retracement level at 108.35.
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Wed, 12 May 2021 07:28:46 GMT

Gold reveals support zone

On Tuesday, the yellow metal did not find support in the 55-hour simple moving average near 1,830.00. Instead, the price declined to the 1,818.20 level. The event confirmed that the 1,812.80/1,818.20 zone could provide support in the future. During the early hours of Wednesday's trading, the price was located in the middle between the 1,812.80/1,818.20 support zone and the resistance of

Wed, 12 May 2021 07:13:26 GMT

AUD/USD two scenarios likely

Since Tuesday's trading session, the Australian Dollar has declined by 69 pips or 0.88% against the US Dollar. The currency pair tested the lower boundary of an ascending channel pattern at 0.7786 during the Asian session on Wednesday.

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