The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
On the daily chart of gold, there was a breakout of the important resistance at $1262 per ounce. As a result, the AB = CD pattern has been activated. Its 200% target is located near $1335. To reach this target, the bulls will need to push quotes out of the long-term downward trading channel and test the resistance at $1280.
On the hourly chart of gold, the ascending triangle pattern has been realized. The bulls might try to retest the upper border of the triangle located at $1262. In case of breakout, there will be a continuation of the rally.
USD/SGD has rebounded from the 50-week MA (1.3520) and is now retracing November-January decline.
If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
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...