EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
XAU/USD: strong signals to buy gold
BUY 1237 SL 1222 TP1 1267 TP2 1287 TP3 1308
BUY 1205 SL 1190 TP1 1235 TP2 1245 TP3 1267
On the daily chart of XAU/USD, a retest of the upper boundary of the previous consolidation of 1,185-1,215 supported bulls. To continue the upward movement to the 161.8% target of the “Crab” pattern, the need to break the resistance at 1,245.
On H1, a combination of “Three Indians” and 1-2-3 patterns will increase risks of the fall, if the pair breaks the support at 1,212. However, a pullback won’t be deep. The “Wolfe waves” pattern signals that.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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