The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
XAU/USD: gold made a trap from wedges
TP1 1332 TP2 1352 TP3 1362
On the daily chart of XAU/USD, a break of the lower border of the downtrend channel will increase the risks of a “Broadening wedge” formation and trigger the “Shark” pattern. Its 113% target allows distinguishing an important support level near 1302.
On H1, XAU/USD may trigger the junior and the senior “Broadening wedge” patterns. As a result, the risks of correction increase. On the other hand, a pullback from support near the 113% target of the “Shark” will allow the bulls to counterattack.
USD/SGD has rebounded from the 50-week MA (1.3520) and is now retracing November-January decline.
If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...