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.
EUR/USD is under pressure
Information is not investment advice
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend. The 50-day MA at 1.1040 which used to be a support, acted as resistance making the euro move even lower. On the H4, moving averages are in a negative position. There’s support in the 1.10/1.0993 area (psychological level, 61.8% Fibo of the October advance). If the price gets below it, the next target will be at 1.0940 (78.6% Fibo).
Notice that the market awaits the improvement in the US CPI figures later today as well as the testimony of the Fed’s Chair Powell, so there will be volatility.
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.
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