Hello Traders,
How are your trades going this week?
Let’s hit the charts.
1. AUD/CAD
AUD/CAD has reached a critical resistance level (0.90048)
How our daily candlestick closes tonight will determine our next move. A bearish pinbar will most likely herald the entry of more sellers, and we may see price revisit support level 0.87260
We should also watch out for the daily candlestick breaking through the present resistance level. If that happens, our analysis of a bearish market will most likely be trashed.
Then all we may be looking out for is price hitting a new resistance level (0.91387).
2. XAU/USD (GOLD)
Gold started another bullish campaign today, but the real question is, how strong are the Bulls?
The 4 hours chart already has price locked within a descending channel and price is currently heading towards the next possible resistance level (1717.34)
Are we going to see a reversal that will most likely take us back to a previous support level (1661.64), or will price break resistance level 1717.34 and head to a former resistance level (1746.94)?
Time will tell.
What are your views?
