XAU/USD: bears are armed with a wedge

XAU/USD: bears are armed with a wedge


SELL 1290 SL 1305 TP1 1272 TP2 1244

BUY 1300 SL 1285 TP1 1324 TP2 1333 TP3 1349

On the daily chart, XAU/USD formed a “Broadening wedge”. To continue the decline towards 50% and 61.8% of the last long-term bullish wave, the pair has to renew June low.


On H1, XAU/USD formed a “Spike and ledge” on the basis of 1-2-3. A pullback from the upper border of the 1290-1307 consolidation range will be a signal for selling. On the other hand, a break to the middle of the ledge will trigger a bullish “Shakeout-Fakeout”.




USD/CAD: sellers lost the initiative

On the daily chart, bears tried to form “Three Indians”, 1-2-3 and “Bat” with 88.6% target but failed to bring USD/CAD to an important support at 1.2925.

AUD/USD fell from the ledge

Bears managed to pull AUD/USD below the lower consolidation range of 0.732-0.7470 (a ledge) within the “Spike and ledge” pattern.


EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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