EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
USD/CAD: bears are weak
BUY 1.305 SL 1.2985 TP1 1.313 TP2 1.317 TP3 1.328
SELL 1.275 SL 1.2805 TP1 1.265 TP2 1.259 TP3 1.244
On the daily chart of USD/CAD, bears tried to return the pair to the triangle many times but failed. It shows a weakness of bears. If the pair breaks the resistance at 1.305, it will be able to go to 127.2% and 200% targets of senior and junior AB=CD patterns.
On H1, bears will control the trading until the pair is below 1.275. If the pair breaks the support at 1.275, the “Broadening wedge” pattern will be implemented.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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