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Gold: Can buyers hit a new leg higher? Today's focus: Pattern – Continuation Possible targets – 1978.50 Support – 1952.70 Resistance – 1965.55 Hi traders, and welcome to today’s update. After buyers held support on Monday, gold looks to be edging at new continuation in its current stage 1. Signs continue to favour buyers after they broke out of the medium-term downtrend last week. We want to see price beat resistance and hold support or, at a minimum, the moving average to a new uptrend for the last leg higher to remain valid. US retail sales data is due out today and could have an impact on the USD and Gold. Have a great day and good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
V reversal watch on GBPUSD and EURUSDHi, and welcome to Thursday’s update. With all the recent buying of risk currencies to a retreating USD, we have noticed a V reversal pattern forming on the GBPUSD and the EURUSD. A V reversal pattern is, basically as it sounds, a price pattern that is shaped like a V. The pattern can show firm demand as buyers fight back quickly, matching the previous selling. After the V pattern, we like to see a new reaction lower, with buyers breaking the last high to confirm the pattern. At this stage, we are waiting to see if buyers can break that high on both pairs to confirm the pattern. If today’s rallies fail and we see the GBPUSD and the EURUSD break yesterday’s low, this would be seen as a warning, and it could also be telling us that buyer strength is not strong as first thought. This Friday’s U.S. employment data could also be a factor for the current pattern, and USD strength obviously could make or break this pattern. Traders will be paying attention to its release this Friday at 8:30 am EST. We like to hear from you, so please feel free to drop us a comment. We also run weekly webinars with guest analysts.
Long
by Eightcap
USDCAD setting up for a new push higher? Thanks for stopping by for today's update. Our focus is on the USDCAD as buyers look to be finding new support after last week's range breakout. The USD has been up, and about recently, we saw the USD index hit 109 yesterday, testing July high. Buyer momentum was short-lived as sellers took control in the NY session, sending price to a lower close, the first in seven sessions. The USDCAD had shared in the recent bullish momentum, hitting 1.3063 yesterday before the USD lost upward traction and oil made a solid rally. Oil is a big factor for this pair, and typically when it's stronger, the CAD is firmer, so the USDCAD can trade lower. Last week as the USD made its charge, we saw the USDCAD break above its range at 1.2930. From that point, price continued to rally for four sessions. Yesterday was the first decline since the breakout, and it was a decent one (-0.82%). Price today has seen demand, and we are seeing higher prices that have found support from the previous breakout point, also maintaining the current uptrend. These are bullish signs, but we need to see yesterday's low hold. If we do, we will continue to look for the current trend to continue higher. But, if we see a new decline that breaks below the green box (shown on the chart), we could be looking at a deeper lower reaction, which could also confirm a trend break. Pressure is now on buyers to hold today's rally and continue to trade above 1.2935. Thanks for reading today's update. We hope you enjoy the rest of your Wednesday.
Long
by Eightcap
2
EURUSD looks to have demand from 1.0495EURUSD daily chart, demand looks to be setting from 1.0490 to 1.0520. The EUR resisted yesterday’s strong selling and saw a higher 4H bur are buyers once again rejected sellers at the 1.0490 support area. Today sellers are trying to make a new test, but while we see support remain in play, we will continue to look for buyers to hold their ground and possibly push at a new counter-rally. A break of support changes everything, but the level looks firm for now. Today’s US employment data release is definitely one that could change the short term picture.
by Eightcap