As indicated on the daily chart, we can see a triple top for gold.
A bearish hammer was even formed at the end of Friday.
There is a higher probability of going short, but we have to observe tomorrow's candle before considering to short.
Short targets are marked out.
If gold breaks above 1300, I will be looking to long.
Let's observe first.
Daily outlook - NZD/USD surges on fundamentals
In line with expectations, the currency exchange rate managed to restore lost positions and reached the 0.7279 mark.
Basically, the pair had a chance to make a rebound from the 100-hour SMA and continue to move downwards in accordance with the general market sentiment, which is 58% bearish.
Daily outlook - USD/CAD down 1.09%
The USD/CAD currency exchange rate had a quite turbulent Wednesday, as the Greenback depreciated against the Loonie by 1.09% and, in the result, broke through the southern boundaries of a medium-term and short-term channels.
To a large extent the downfall was caused by disappointing news coming from both the White House and...
Daily outlook - AUD/USD spikes to 0.7951
Fortunately for the Aussie, the poor US housing data that was released yesterday gave the currency pair a necessary impulse to break through the 200-hour SMA, the weekly PP at 0.7895 and even slightly overstep the weekly R1 at 0.7951.
But then the rate became overbought and, thus, started to decline.
In theory, today...
Daily outlook - EUR/JPY fails to surge above 130.05
In second half of the previous trading session the currency exchange rate made an unexpected turn around near the 130.05 mark and started to fall.
The reason behind pair’s inability to reach the weekly R1 at 130.64 might be related to existence of a larger descending channel with two reaction highs and two...
Daily outlook - NZD/USD reaches 0.7292
As it was expected, beginning of the new week the NZD/USD pair spent in a relatively horizontal and steady movement.
Namely, the currency rate managed to climb to the 0.7330 level and then made a rebound a started to gradually slide back to the bottom.
The first target, namely, the monthly S1 at 0.7294 it has already...
Daily outlook - USD/CAD finds support at 1.2674
In accordance with one of the scenarios expressed on Friday, the USD/CAD currency pair found support at the 1.2674 level.
After spending some in a limbo between this support and a resistance set up by the updated weekly PP at 1.2689, it made an expected breakout to the top.
However, now, when the markets a...
Daily outlook - AUD/USD rebounds from 0.7916
Contrary to expectations, an impulse created by a release of data on the US CPI last Friday was strong enough to drive the currency rate to the 0.7916 level, where it was eventually stopped by the 200-hour SMA.
Since the surge was caused by a reaction on fundamental event, today the buck should try to restore some...
Daily outlook - EUR/JPY climbs to 129.46
An early hours of Monday’s trading session revealed that the EUR/JPY currency pair has successfully used an upside moment that was created by a release of data on the US CPI last Friday to surge not only to the 129.46 level, but climb even a little bit higher.
In theory, the pair has a chance to gain a foothold at the...
EUR/SGD 1H Chart: Pennant
The common European currency is advancing against the Singapore Dollar in a little pennant pattern that formed in the result of announcement of information on the US CPI last Friday.
Since the pair is moving in a continuation pattern, then breakout is expected to occur in the northern direction.
The length of the subsequent rise...
Daily outlook - NZD/USD tries to reach 0.7310
The rest of the previous trading session the New Zealand Dollar expectedly spent in a gradual advance against the US Dollar, trying to reach the weekly S2 at 0.7310.
At the moment, it still has not reached the target even with the help from a release of information on the US CPI.
On the other hand, such slow...
Daily outlook - USD/CAD returns to weekly R1
As it was expected, the USD/CAD currency rate bounced off from the 100-hour SMA near 1.2677 and once again surged to the weekly R1 at 1.2738, and even managed to bypass it for couple of hours.
Fortunately for the Loonie, an announcement of information on the US CPI led to 33-pips depreciation of the Greenback.
Daily outlook - EUR/JPY slips to March 2016 high
In accordance with expectations, the Euro continued to depreciate against the Japanese Yen until the currency pair reached a support set up by the March 2016 high at the 128.18 level.
Afterwards, the rate made a rebound and started to move in the upward direction similarly as it did yesterday.
A release of...
Daily outlook - AUD/USD rebounds at 0.7867
As it was expected, the currency pair failed to jump above the 55-hour SMA and spent the rest of the previous trading day near the bottom line of a medium-term descending channel.
Most likely the pair could continue to move between these barriers, but a speech delivered by the RBA Assistant Governor Kent forced the...
Daily outlook: EUR/JPY down by 1.19%
Contrary to expectations, the Euro broke out from a symmetrical triangle in the downside direction.
In the process, the currency rate managed to bypass the medium-term ascending channel’s bottom trend-line, the monthly PP and R1 and the weekly S1 and S2.
Even though 70% of traders continue to remain bearish on this...
CAD/JPY 1H Chart: Channel Down
The British Pound is trading against the Swiss Franc in a short-term pennant formation.
The pattern represents the aftereffect of announcement of the UK Official Bank Rate and the subsequent Governor Carney’s speech last week.
By the early morning, the currency exchange rate has practically reached the breakout point from...
USD/JPY encounters strong support level
Contrary to expectations, the weekly S1 located at the 110.11 level proved to be a very strong support barrier.
Namely, it managed to neutralize multiple attempts of the currency exchange rate to slide downwards, including the 34-pip fall that happened in the middle of the day, under pressure from the 55-hour SMA. As...
XAU/USD slips to 100-hour SMA
The first half of previous trading day the yellow metal spent in a confident upward movement, supported by the 55-hour SMA near 1,267.26 as well as the release of a number of disappointing US macroeconomic data.
Once an upside momentum was over, the buck started to restore lost positions and dragged the rate to the bottom,...