USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
XAU/USD: gold is making a wedge
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.
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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