NZD And Gold Very Close To Major Reversal

Published 07/10/2018, 04:40 AM
NZD/USD
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NZD/CHF
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XAU/USD
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GC
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Correction on the Gold was not the deepest on the record. Price managed to use the weekly hammer for an upswing but it was not spectacular. Yesterday's candle is a shooting star and price came back below the 1260 UZD/oz support and broke the lower line of the wedge. Those signs are bearish.


NZD/USD made 170 pips bullish correction, which was initiated by the inverse head and shoulder formation. They managed to reach the 23,6% resistance and it seems that this is it. Price breaking the green area will be a great sell signal strengthened by the double top formation. Lower line of the correction was already broken.


NZD/CHF is also giving us some bearish hints. A bit premature I would say as the ultimate resistance is a bit higher – on the 2 Fibos and correction equality pattern. Sell signal will be triggered once the rice will break the lower black line.

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