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: the CAD is strong
TP1 1.309 TP2 1.303 TP3 1.2925
On the daily chart of USD/CAD, the pair keeps reaching targets of “Shark” and “Wolfe waves” patterns. When the pair reaches the 88.6% target of the “Shark” pattern, risks of the pullback will increase. Vice versa, a break of the resistance at 1.319 will increase the possibility that the pair will reach the 1.3315 target of the “Wolfe waves” pattern.
On H1, the pair reached the target of the “Wolfe waves” pattern. A break of the upper boundary of the downward channel will increase odds of the formation and implementation of the reversing “Three Indians” pattern.
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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