On the daily chart of USD/CAD, the implementation of the "Bat" and AB=CD patterns continues.
XAU/USD: Indians prefer gold
Recommendation: BUY 1,272 SL 1,257 TP1 1,286 TP2 1,301 TP3 1,325
On the daily chart, XAU/USD keeps forming patterns 5-0 and a “Widening wedge”. The pair is moving towards a convergence area of 1,244-1,250 (50% correction of the last long-term bullish wave + 88.6% target of a “Shark”). At the same time, if it reaches 161.8% target of AB=CD, the risks of a pullback will increase.
On H1 of XAU/USD, the formation of the “Three Indians” and 1-2-3 patterns creates a possibility for a bullish counterattack. To begin with, buyers have to overcome resistance at the level of 1,272.
On the daily chart of XAU/USD, the rebound from the support at 1,239 helped to open long positions.
On the daily chart of AUD/USD, the implementation of the purple "Shark" pattern with the 88.6% target continues.
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...