USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
XAU/USD: let’s buy gold
TP1 1245 TP2 1263 TP3 1287
On the daily chart of XAU/USD, the pair left the downward channel and reached targets of the “Spike and ledge” pattern. It increased chances that the pair will reach the 161.8% target of the “Crab” pattern. However, at first, bulls need to break the resistance at 1239-1245.
On H1, the pair reached targets of the “Broadening wedge” pattern. A break of the resistance at 88.6% of the 4-5 wave let the pair to rise further. Up to now, there is a formation of the “head” within the “Dragon” pattern. A pullback to the 88.6% target of the “Bat” pattern should be used to buy.
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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