Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
CAD/JPY broke strong support level 81.30
- CAD/JPY broke strong support level 81.30
- Next sell target - 80.00
CAD/JPY recently broke through the strong support level 81.30 (previous sell target, which stopped the previous waves (ii) and (i), as can be seen from the daily CAD/JPY chart below). The breakout of the support level 81.30 continues the sharp daily downtrend from the start of January. CAD/JPY is expected to fall toward the next sell target at next round support level 80.00 (forecast price for the termination of the active impulse waves 5 and (C)).
The JPY is the strongest and the NZD is the weakest. Jump in for the fresh analysis!
European shares fell on Monday as rising COVID-19 infection rates in Europe prompted renewed lockdown measures in some countries, casting doubt over the economic recovery, with a lack of U.S. stimulus also weighing on sentiment.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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