XAU/USD, also known as spot gold, rose to the 1,440 area - the same zone that stopped its advance last week.
Tag - trade ideas
The NZD remains in a downtrend versus the CHF and the JPY as the market is still in the risk-averse mode.
EUR/JPY is correcting up. There’s a bullish impulse on H4.
It looks like AUD/CAD formed an “Inverted Head and Shoulders” pattern on D1.
USD/CAD met resistance in the 1.3490 area (resistance line connecting April and May highs).
GBP/CAD made an attempt last week to rise to the 200-week MA in the 1.7750 area but then turned down and closed around 1.7460
EUR/NZD tends to move in steep trends. Currently, it’s in the phase of decline.
AUD/USD has met the resistance of the 200-day MA at 0.73.
USD/CAD has reached the target at 1.3115 we’ve given earlier this week.
The pair will be vulnerable for a decline to support at 1.0440.
The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.
The pair broke above the resistance line going through October highs but then was stopped by the 50% Fibonacci at 14.6380.