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.
GBP/JPY has topped
Information is not investment advice
GBP/JPY formed a “shooting star doji” candlestick on the W1. This is a bearish sign. On the D1, the pair ran into the resistance of the 100-day MA (now at 134.50) and turned lower. On the H4, it has recently formed a lower high. The decline below this week’s lows around 133.30 may lead the pound down to the 50-day MA at 131.40. On the way down, there may be some support at 132.35 (38.2% Fibo of the September advance).
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.
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
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Discover the outlook for EUR/USD, EUR/GBP, and GBP/USD.