Hello traders,
Thursday is looking good. Let’s hit the charts:
1. GBP/USD
A broken ascending trendline on the GBP/USD looks interesting. But more interesting is the subtle head and shoulder pattern formation on display.
If price breaks the key support zone, then our next possible support level would be 1.19737. If not, we should be patient enough to watch price break the resistance zone before joining the bulls to the next possible resistance zone (1.22764)
2. EUR/USD
There is another subtle head and shoulder formation on the EUR/USD, and the neckline or support level is 1.01125.
A bearish breakout means price will fall over 90 pips to the next possible support level (1.00068).
3. GOLD (XAU/USD)
Gold on the daily time frame is still locked within a descending channel.
On the 4 hour time frame we can see price sitting at the base of an ascending channel, which is within a consolidation zone
If the daily candlestick closes bearish and support level 1753.53 is broken, we could sell Gold, having support level 1713.95 as our next target
What say you?
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