On the daily chart of XAU/USD, the correction to the downward middle-term trend continues.
EUR/GBP: bulls get ready to strike
BUY 0.8825 SL 0.8770 TP1 0.8925 TP2 0.8940 TP3 0.9015
BUY 0.8790 SL 0.8755 TP1 0.8890 TP2 0.8940 TP3 0.9015
On the daily chart of EUR/GBP, bulls are ready to get the pair out of the 0.8700-0.8825 consolidation range (a “ledge”) within the ‘Spike and ledge” pattern on the basis of 1-2-3. If the attempt to get above resistance at 0.8825 succeeds, the risks of the realization of a “Shark” pattern with a target at 88.6% will increase.
On H1, a retest of the upper border of the descending channel or a break above resistance at 0.8825 will create grounds for the formation of a “Shark” pattern. Its 88.6% target is at 0.8940.
On the daily chart of USD/CAD, the pair reached the 113% target of the "Shark" pattern.
On the daily chart of NZD/USD, bears managed to take control over the situation and pull the pair towards the lower border of the upward channel due to the "Three Indians" pattern.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...