Everyone is interested in trading gold (XAU/USD). The meeting of the Federal Reserve at 21:00 MT time (GMT+3) will certainly drive the price.
GBP/AUD has potential
Information is not investment advice
GBP/AUD is having a bumpy ride. The pair has been trading in a downtrend since May. This week the pair violated the resistance line of the channel and spiked towards 1.8200. However, the price failed to stay there and formed a pin bar candlestick. Together with the previous inside bar pattern the pin bar formed a so-called “fakey”, the reversal pattern, and then returned inside the channel. If the week ends below 1.7867, it would mean that the pair failed to break above 100-, 200- and 50-week MAs. Given all that and the negative data awaited from the UK, GBP/AUD is likely to retest 1.7860 and potentially even 1.7565. Selling is a preferred strategy until the pair is below 1.7860 (July 3-5 lows).
AUD/USD began the week slightly higher reaching as high as 0.7725 before declining earlier today to 0.7690’s.
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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