USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
XAU/USD offers trade opportunities
Information is not investment advice
The advance of XAU/USD has become overly stretched. Gold has already made big gains during the recent days and gone far away above the daily moving averages. This increases the odds of a correction to the downside. However, the markets await the release of the US Nonfarm Payrolls at 15:30 MT time today. The USD is extremely data-sensitive right now, and so is gold.
XAU/USD is currently consolidating within a triangle on H4 offering a perfect opportunity to trade on a breakout to either direction. The upside is more in line with the negative sentiment the market has about the USD these days. If this scenario realizes, gold will test February highs. However, if the US figures surprise in a positive way, XAU/USD will pull back down.
EUR/AUD formed a candlestick with a long upper shadow on the D1. The pair is currently testing levels below the 50- and the 100-period moving averages.
USD/JPY has recently formed a higher low at the end of last week. Today the pair is testing levels above the 50-day MA.
GBP/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
The USD is trading at its 7-week low, and it looks like it will continue falling further. Why?
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