XAU/USD: gold made a pullback

XAU/USD: gold made a pullback


BUY $1324 SL $1309 TP1 $1354 TP2 $1374 TP3 $1394

SELL $1302 SL $1317 TP1 $1267 TP2 $1240

On the daily chart, XAU/USD has reached the targets of “Three Indians” pattern. As long as gold is trading above support at $1302-1306 an ounce, bulls remain in control. It would be wise to use a pullback from these levels to buy with targets at 127.2% of the AB=CD pattern. On the other hand, the metal’s decline below the key support will increase the risks of the reversal “Widening wedge”.


On H1, XAU/USD formed a “Head and Shoulders” pattern.



EUR/USD: euro wants to surf

On H1 of EUR/USD, bulls want to trigger “Wolfe waves” pattern with a target at the line 1-4. At the same time, if the pair doesn’t leave the downtrend channel, their plans will fail.  

USD/JPY: the Bears have won

Narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines



Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

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