Brief analysis of gold trends and some currency pairs on H4 time frame
XAU / USD
Gold has clearly broken through the peak of 1575 and is continuing to move up, short-term sell orders may have been stopped, this week it is likely that the price will rise to the upper boundary of 1600 of the channel after which it will be released. adjusted. You can buy in the short term but note that the RR ratio is not good.
USD / JPY
After being strongly rejected at the resistance area of 110.2, the buying force was no longer overwhelming, so it should not continue to buy anymore. It is likely that the price will continue going sideway, paying close attention to the lower boundary of 109.5. If it is broken, there might be a strong drop towards the lower boundary of the medium-term rising channel.
EUR / USD
In the last 10 sessions, EURUSD has dropped by 9 sessions, causing it to be in a state of over-selling. Currently it has also penetrated the bottom held firmly for nearly 3 years earlier. The inverted hammer pattern has also appeared on the daily chart at important price points, you may consider bottom fishing. The trend is down sharply, so the only advantage of brothers reversal is the good RR ratio. In case the price continues to create a new bottom, do not stuff more orders, note this.
GBP / USD
Not much has changed on GBPUSD, the price is creating a flag-shaped accumulation zone that usually gives support to the buyers. However, note that there is still a medium-term downtrend line and the solid resistance of 1.32, if buying, you should only buy in the short term.
USD / CAD
Although not dropping much at the end of the week, the selling still showed overwhelming. View does not change, continue to hold sell orders, the target is zone 1.32.
AUD / USD
Although recovering from the bottom for many years, the buying power was not maintained strongly. At the moment, it still hasn't penetrated the dropping channel, so in the short term, it can continue going sideway, paying close attention to price action at the two sides of this sideways zone.
