The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
GBP/USD: 'Pennant' pushed price lower
The last 'Pennant' pattern led to the current decline. However, there's a 'V-Bottom', so we're likely going to have an upward correction towards the nearest resistance at 1.2753 - 1.2784. A pullback from this area could be a starting point for another decline in the direction of the next support at 1.2661 - 1.2634.
Bears have been stopped by the 'Tripple Bottom' pattern, so there's an opportunity to have a bullish correction. In this case, we should keep an eye on the 55 Moving Average as an intraday target. If a pullback from this line happens little later on, there'll be a moment for a downward price movement to 1.2685 - 1.2661.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?