Gold, after triggering a major sell signal on the 5th of December, went significantly lower but the last few days we had a bullish correction here which aimed the previous broken support. Why correction and not a reversal? Well, the upswing is shaped like a wedge so it promotes the further drop. Yesterday and today, the price tested the 38,2% Fibonacci. Those tests resulted in a bearish bounce so we may be witnessing the end of the correction and a comeback to the main trend (down).
Another one is the EURJPY, which finally escaped from the sideways trend present here since September. The price broke the major resistance yesterday and today's candle is making higher highs and lows which is positive and adds a confirmation for the bullish movement.
Last instrument is the AUDUSD, where we do have a pennant formation after a major upswing. Pennant is a trend continuation pattern so it should result with an upswing but for a proper trading signal we have to wait for the breakout.
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Gold on the resistance. EURJPY free to go higher. AUDUSD waiting for a breakout.
Published 12/21/2017, 03:41 AM
Gold on the resistance. EURJPY free to go higher. AUDUSD waiting for a breakout.
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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