USD/ZAR recoiled down from the resistance line connecting October highs and slipped under the daily moving averages.
XAU/USD: gold bets on the double bottom
TP1 1,267 TP2 1,286 TP3 1,301
On the daily chart of XAU/USD, bears have tried to implement the “Shark” pattern with 88.6% and 113% targets twice. The failure of bears will let the pair reach targets of the “Double bottom” pattern and will create opportunities for a bullish counterattack.
On H1, a forming of “Three Indians” and “Broadening wedge” patterns within the convergence (88.6% and 113% targets of the “Shark” pattern) increases risks of the bearish trend’s reversal. To pull the pair up, bulls need to break the resistance at 1,245.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...