EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
Intraday ideas for XAU/USD
Information is not investment advice
The fundamental picture for gold is positive: the precious metal is a safe haven asset and tends to strengthen during the periods of market uncertainty. Still, its intraday moves can take different directions. After forming a diamond-like top below 1,700, XAU/USD went consolidating between 1,665 (38.2% Fibo of March 9-10 decline; 100- and 50-hour MAs) and 1,642 (200-hour MA). There are also support levels at 1,656 and 1,650. The breakouts of the mentioned levels will determine the short-term dynamic.
Trade ideas for XAU/USD
SELL 1,655.50; TP1 1,650; TP2 1,642.50; SL 1,657
BUY 1,668; TP1 1,672; TP2 1,680; SL 1,666
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?