AUD/NZD: is it time for a correction?
AUD/NZD experienced an impressive rally since the end of March.
XAU/USD: gold is in the corridor
Recommendation:
SELL $1324 SL $1339 TP1 $1302 TP2 $1280
BUY $1344 SL $1329 TP $1359 TP2 $1380 TP3 $1392
On the daily chart, if XAU/USD renews January high, the risks of its going to 127.2% target of AB=CD will increase. The nearest levels of support are at $1324 and $1302-1306 an ounce.
On H1, XAU/USD consolidated in the $1324-1344 range. A break of its upper border will trigger AB=CD pattern with a target at 161.8%. On the other hand, successful test of support at $1324 will increase the risks of a correction.
Ivan Karamazov
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