USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
XAU/USD: gold votes for consolidation
TP1 1.332 TP2 1340 TP3 1365
On the daily chart of XAU/USD, there is consolidation in the range of 1302-1340 within the “Spike and ledge” pattern on the base of 1-2-3. A break of the bottom line will increase risks of decline to the 88.6% target of the “Bat” pattern. Vice versa, a successful hit of the resistance at 1340 may lead to a recovery of the uptrend.
On H1, a realization of “Head and shoulders” and AB=CD patterns is continuing. If the pair reaches the 161.8% target of the AB=CD pattern, reversal risks will increase.
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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