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: the gold is going up
BUY 1238 SL 1223 TP1 1263 TP2 1270 TP3 1287,
BUY 1230 SL 1215 TP1 1263 TP2 1270 TP3 1287
On the daily chart of XAU/USD, the correction to the downward middle-term trend continues. Bulls move towards the 161.8% target of the AB=CD pattern. They keep the situation under control. That's why the reversals with the following rebounds from the supports at 1239 and 1230 can be used to open long positions.
On H1, the pair reached the targets of the "Wolfe Waves" and "Shark" patterns. It increased the risks of the reversal towards the 23.6%, 38.2% and 50% targets of the CD wave as a part of the transformation into 5-0.
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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