Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
XAU/USD can make a small correction
Trade ideas
SELL 1,399; TP 1,394; SL 1,401
BUY 1,412; TP 1,420; SL 1.410
After its extensive decline last week, the USD can make a small comeback. We picked XAU/USD to make a bet on it: gold’s advance is very stretched both on W1 and D1. Hopes related to the upcoming G20 summit may provoke at least some correction in the safe-haven metal. The decline below 1,400 will open the way down to 1,394 (50-hour MA). A break above the previous highs of 1,412 is needed to open the way up towards 1,420/30. That scenario will be possible if tensions between the US and Iran keep escalating and the Fed’s Chair Powell is dovish on Tuesday.
Elizabeth Belugina
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