1.13478 top level was reached after a sharp bull trend. Prices settled on a resistance zone and were subjected to a bear pressure. After a strong reversal signal on June 12th, the odds of a bear trend became higher.
Possible targets : @1.12000 (+75pips) and @1.11200 (+150 pips).
Advice : Stay bearish and sell at any high point while we don't break the resistance zone or 1.13478 top level.
Correlated pairs : USDCAD (-87.8%) and XAUUSD (62.5%).
We are more likely to experience a strong bull spike with the USDCAD while a minor effect on the XAUUSD.
Possible targets : @1.12000 (+75pips) and @1.11200 (+150 pips).
Advice : Stay bearish and sell at any high point while we don't break the resistance zone or 1.13478 top level.
Correlated pairs : USDCAD (-87.8%) and XAUUSD (62.5%).
We are more likely to experience a strong bull spike with the USDCAD while a minor effect on the XAUUSD.
Trade closed: target reached:
Target 1, 1.12000 was reached! Prices bounced back to resettle on the resistance zone. XAUUSD has been following the move lately.