Bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen.
Gold is in trouble
TP1 $1224 TP2 $1210
On the daily chart, gold is testing the neckline of the “Head and Shoulders” pattern. The break of the inside bar’s low and the following decline below the diagonal support will mean the return of power to bears. The condition necessary for the resumption of the downtrend is successful test of supports at $1230 and $1220 per ounce.
On H1, the pattern “Spike and reversal with acceleration” is in place. The first of the two trend lines was broken. Bears need to pull the price below the support at $1236 to regain power.
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines.
On the daily chart of USD/CAD, bulls almost returned the pair to the 1.3275-1.3315 convergence (targets of "Shark" and "Wolfe waves" patterns).
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...