AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
XAU/USD is scaring buyers
Information is not investment advice
XAU/USD formed a lower high at 1,535 after rising to 1,557 at the beginning of September. Gold is currently testing levels below the 50-day MA at 1,494. This is a very worrying development for buyers. The decline below 1,480 will confirm a “Head and Shoulders” pattern and open the way down towards 1,450. The important thing is to wait for the confirmation: we will have to see a daily close below this level. If XAU/USD stays above 1,480, it may try to consolidate in the descending triangle. Recoveries above 1,500 will meet resistance at 1,510 and 1,530.
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.
USD/CAD reversed down from 1.2865 last week and formed a candlestick with a long upper wick on the W1.
According to Westpac, the AUD is undervalued. What target do they set?
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