Since the drop from 1310, gold hasn't really recovered. My bias is this pair will remain bearish next week with a target @ 1250
Cautious as we could see a trendline retest for a more confirmed short, but we will wait and see
From a technical perspective, EU looks like its pushing some a swing upside before carrying on the downtrend we can see from higher tf's
Our daily key level of 1.2000 was tested and rejected, resulting in a minor hourly downtrend break,
Also we can see an inverted h&s formation created and this shoulder showed 4hr rejection to the key level
My personal bias is...
Breaking this down from monthly, we can harsh decline since Christmas time
The weekly/daily has shown numerous impulse moves to the downside
Its now sat on a key level priced at 1280, with my bias on more downside continuation
This is purely an idea, before any move was valid I would want to see a clear break and retest of 1280 for downside movement
USD/CAD potential long
Daily is showing strong upside momentum since Oil peaked at $62 a barrer and it now rejecting/retested lower prices
Upside target personally I see 1.34400 being reched if oil doesn't rall off anytime soon,
Will be taking profits rather quick on this long due to the unstability with oil correlation. Already up 40 pips from prevision...
After a recent drop from our resistance 152.898 level, I'm hoping for a fall down to 151.236, although we might see some indecisiveness around the 152.099 area depending on how it forms. Friday will give us some better clarity.