On the other hand, gold is stuck in a tight range of $1,197 – $1,204. Investors do need a solid reason to violate this trading range. What can it be? Did you see FX Leaders Sep 4 – Economic Event Outlook? We spoke about ISM manufacturing PMI which is coming out during the New York session. So let’s wait for it. A bearish breakout can lead gold towards $1,190....
Technically speaking, the AUD/USD has plunged dramatically to test 0.7165 support and it’s trading right above the same. The doji and spinning top candles are suggesting that the sellers are exhausted now and bulls may be looming in the area. So, be ready for it. The AUD/USD can bounce off above 0.7165 to complete 23.6% retracement at $0.7202 and 38.2% at...
Considering the technical outlook, we opened a forex trading signal to target $1,214.50 with a stop below $1,209. We don’t have much on the economic calendar but the technical levels will remain in play.
In order to encash this breakout, we just shared a forex trading signal to open a buying position near $1187.52 with a stop loss below $1,184 and take profit at $1,190. Anyway, gold is very likely to go after $1,192 and then $1,196.
Fellows, I will be keeping a close eye on $1.3060 as the USD/CAD can stay bearish below it until $1.3005. Good luck!
Taking a quick look at the hourly chart of EUR/JPY, the pair is consolidating right below the triple top resistance level of 126.350. Actually, it’s an ascending triangle pattern which at first is representing the neutral sentiment of traders. It’s clearly showing the indecision among traders. Perhaps, they are waiting for some European CPI data to determine their...
For the moment, gold is trading near $1,173 after placing a low of $1,160. It recently has formed a sort of a hammer candle pattern on the 2-hour chart. The hammered pattern followed by a strong bearish trend often causes a bullish reversal. That being said, can we expect a bullish reversal? I wish I could say yes, but gold is still bearish and the violation of...
Technically, the AUD/USD is heading north to complete 38.2% Fibonacci retracement near $0.7295. Below this (0.7295), the pair can stay bearish, while a bullish violation of this level can lead Aussie towards $0.7320.
The recent bearish engulfing candle is suggesting a strong bearish sentiment of traders and it has nice chances to go after $1,187 and $1,181.
Technically, the AUD/USD is likely to test the double bottom support level of $0.7170. You can't find this setup on the 4 hour or daily chart, but you need to zoom out to the weekly timeframe. Whereas, the immediate resistance can be found at 0.7257.