AUD/NZD faces more downside
AUD/NZD is making movements to the downside which are hard to ignore.
XAU/USD: gold is making a wedge
Recommendation:
SELL 1282
SL 1297
TP1 1252 TP2 1244 TP3 1215
On the daily chart, XAU/USD keeps forming a “Broadening wedge”. The inability of bulls to overcome resistance at 23.6% of the wave 4-5 and lead the pair out of the descending trade channel points at their weakness. If gold renews May low, it will continue moving down to 88.6% target of the “Double top”.
On H1 of XAU/USD, a break of support at 1282 will trigger AB=CD pattern and increase the risks of a decline to its 200% target.
Ivan Karamazov
Similar
USD/CHF is capped by resistance
USD/CHF may test lower levels this week as long as it keeps trading below the resistance at 1.01.
Technical levels for NZD/USD
The pair is greatly influenced by the constant changes in global risk sentiment as well as the policy of the central banks.
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