Gold declined below its 1769 key support area yesterday and posted the lowest level since April 15 around 1755 USD/Oz, which is another support that we should keep an eye on.
Forex Market Analysis
EUR/USD traded within a tight range since the mid of last week with no significant action. However, the euro managed to test its major uptrend last week and hold well above that support.
These days, investors’ attention is on Microsoft ahead of the company’s Windows 11 event on June 24.
NZD/USD has returned above the 50-week MA at 0…
Everyone is interested in trading gold (XAU/USD). The meeting of the Federal Reserve at 21:00 MT time (GMT+3) will certainly drive the price.
AUD/USD began the week slightly higher reaching as high as 0.7725 before declining earlier today to 0.7690’s.
USD/CAD mas managed to leave the range. The pair is now targeting higher levels.
Read the article to discover the key level for EUR/USD and make an informed trade decision.
Two days ago, we sent out a new short trade on EUR/USD at 1.2180 in addition to a pending order to short again at 1.2205.
The Bank of Canada decided to keep the current policy unchanged as widely expected. However, the bank did not mention anything about tapering again in July.
EUR/USD managed to recover some of its last week’s decline, rising for the 2nd day in a row (Friday & Monday). However, such upside momentum is unlikely to continue.
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.