USD/CAD faces some difficulties
USD/CAD formed a “gravestone doji” candlestick on the W1 ahead of the 50-week MA (1.3280). Learn more!
USD/JPY: a reversal is close
Recommendation:
SELL 110.85 SL 111.4 TP1 109.85 TP2 109 TP3 108.55
On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation. At the same time, the closeness of convergence area of 110.85-111.15 (61.8% of the last medium-term descending wave + 113% target of the “Shark”) increases the risk of bears’ counterattack.
On H1, the fact that USD/JPY is renewing May high will allow it to 161.8% and 200% targets of AB=CD and increase the odds of the reversal “Three Indians” pattern.
Ivan Karamazov
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Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
Latest news
USDJPY is in a correction after checking the local support level.
The US dollar is currently in a correction, but is likely to continue the trend down.
USD/CAD faces some difficulties
USD/CAD formed a “gravestone doji” candlestick on the W1 ahead of the 50-week MA (1.3280). Learn more!
The outlook for the GBP
The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?
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