USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
XAU/USD: bears play false
TP1 1374 TP2 1394
On the daily chart of XAU/USD, bears are trying to form the “Shakeout-Fakeout” pattern as the pair could not break the upper boundary of 1302-1340 consolidation. To implement it the pair has to break the support at 1321. Vice versa, the hit of resistances at 1340 and 1345 will let bulls to hope on the continuation of the rally to 113% and 127.2% targets of “Shark” and “AB=CD” patterns.
On H1, the implementation of the “Butterfly” pattern will increase risks of the sharp decline. To resume the uptrend bulls should break the resistance at 1345.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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