Gold is still in a major downtrend and we expect price to continue lower unless the orange trendline breaks. Even if the orange trendline breaks this week, the bulls may run out of steam as quickly as the next resistance point.
Watch the key trendlines and S&R levels for trades this week.
EURUSD has broken below its 2015 lows (and previous triple bottom) which makes it extremely bearish. If the bottom breaks we should see further lower lows created. If it can break above the local downtrend (orange) there's a small buy setup.
GBPUSD has broken below a major flag pattern which puts an extremely bearish bias on it. Unless price can move back into the range (meaning it was a fakeout), we should see price head lower to retest the bottoms.
AUDUSD just broke another major flag pattern which should put bearish pressure on it for the rest of this week. If price manages to come back inside the pattern it may find some support, otherwise there could be a lot of red
USDJPY is in a strong uptrend, however it is currently retesting the major Weekly trendline. There is potential for a reversal, however price must close below the trendline and then proceed to begin breaking the other key trendlines in the setup. Price could also just bounce off the uptrend and continue rising.
USDCAD looks like it has found strong resistance at the 200 MA, and we expect price to fall towards support from this zone. It may then either break support or bounce back upwards from it. Watch the key trendlines
EURCHF has potentially broken out of a major flag pattern on the Daily. Price is now retesting the flag, if it fails to break back into the flag, we expect price to head lower towards the next support level.
USDCHF seems to have broken below a flag pattern on the 4H chart and is currently retesting it. If we see a last kiss setup (price rebounds lower from the flag retest) we expect price to drop towards the next support level.