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.
Trade idea for XAU/USD
SELL 1,409; TP 1,400; SL 1.411
XAU/USD, also known as spot gold, rose to the 1,440 area - the same zone that stopped its advance last week. On D1, there’s a “shooting star” candlestick that points at the bearish correction. A decline below the 50-period MA at 1,409.50 will open the way down to the key support at 1,400. The return above 1,420 is needed to let the price retest the recent highs.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
The USD started the day dropping against the Canadian dollar, now on a bullish reversal.