Hello Traders,
let’s hit the charts…
1. USD/CAD
USD/CAD is currently under the influence of gravity.
The triple bottom formed at the end of a descending channel (1.31344) may already be weak.
If we do get a bearish breakout and a confirmation to go bearish, we could see price falling over 70 pips.
To start with, let’s see how the daily candlestick closes today because price still has the potentials of reversing at the current level and hitting resistance level 1.31953
2. USD/JPY
For the 5th time, price will be revisiting support level 106.062 on the USD/JPY. Coincidentally the present support level is also resting on a consolidation band.
A breakout may drive price down to support level 105.722, and if the consolidation band is strong enough to hold price, we could see a reversal back to resistance level 106.437
3. XAU/USD (GOLD)
For over 3 months, Gold has respected the support level of an ascending trendline.
Currently, on the daily chart, we can see price bouncing off support level 1898.93.
Our focus should be on price either breaking out of resistance level 1963.60, which may further drive price up to the next possible resistance level (2015.09) or the breakout of support level 1898.93, which could send price down to the next possible support level 1836.66
What are your thoughts?
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