USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
XAU/USD can make a small correction
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.
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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