Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs
Two "head and shoulders" pattern of AUD/JPY
Information is not investment advice
On the H4 of AUD/JPY, the pair formed the “Head and shoulders” pattern. However, the same pattern was formed on H1, Up to now, on H1, the pair has rebounded from its target at 75.20 and has been moving up. Until the pair stays above 75.27, we can anticipate a return towards 75.44. As soon as the pair closes below 75.27, on H4, we may see a decline to the pattern’s target at 74.975 with a possible correction near 75.08.
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.
The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market.
XAU/USD is eyeing $1 850. Will it be able to reach it?