
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
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EUR/NZD has been in a downtrend since the end of October. On the W1, the horizontal 50- and 100-week MAs have twice prevented the price from getting above 1.6975. On the D1, the 50- and the 100-day MA are in the negative order. In addition, the pair has breached the 2017-2019 support line at 1.6820. It’s now below the December consolidation range and will likely slide lower in line with the existing downtrend.
Currently EUR/NZD found some support around 1.6780 (78.6% of the July-October advance). The return to the 1.6825/60 area will likely provide selling opportunities. The outlook will remain bearish as long as the pair’s trading below 1.6975.
Notice that EUR/NZD tends to be quite volatile, especially during the thin holiday trading season.
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
Ichimoku Kinko Hyo CAD/JPY: The pair is trading above the cloud…
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
Ichimoku Kinko Hyo GBP/JPY: The pair is trading below the cloud…
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