On the daily chart, GBP/USD keeps correcting to the long-term uptrend. Bulls tried to return the pair inside the previous consolidation range of 1.3455-1.3615.
XAU/USD: gold is painting a wedge
Recommendation: SELL $1267 SL $1281 TP1 $1237 TP2 $1212
On the daily chart, XAU/USD keeps fighting for an important level of $1281 an ounce. If the bulls manage to leave the descending trend channel and settle above it, gold will get chance to get to $1299 and $1321. On the other hand, bears’ victory will increase the odds of the pair getting to 78.6% and 200% of Gartley pattern and AB=CD.
On H1, wait for formation of the wave 4-5 within the widening wedge. Decline below support at $1267 will signal downtrend’s resumption.
USD/CHF is correcting to the long-term bullish trend. To break the trend, the pair has to get out of the uptrend channel and form a “Spike and reversal with acceleration”.
Expanding bearish Ichimoku Cloud with falling Senkou Span A; a new cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the market tested Kijuns’s resistance and returned to Monday’s lows.
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
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