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Brief analysis of gold trends and some currency pairs on H4 time frame
XAU / USD
The price could not go up to the 1600 area but turned right at the 1590 zone after a bearish engulfing pattern. Today session is expected that the price will continue going down and approach MA20 on daily level - the zone of 1560 - and rebound in this zone. This is a very important area, because if it is broken, there is a possibility of a sharp decline.
USD / JPY
USDJPY corrected during the first session of the week but the signal it created is supporting the sellers, which is a bearish flag pattern. We still keep the old view, you have sell orders can keep and the target is 108.0, this is the last target because the possibility of mid-long-term uptrend will return.
EUR / USD
The price has corrected as expected and is currently creating a noticeable bullish signal on the H4 frame, however, just a bullish pin bar is not enough for the long order, moreover, the trend is bearish. The view for today is that EURUSD will continue to go down, you should move the previous sell orders SL. And note that this pair is not nice enough to enter new orders.
GBP / USD
The strength of Usd and the obsession with Brexit have led to GBPUSD having the sharpest decline in more than 1 month. Currently, the price has returned to retest the zone of 1.30 and with the force of decline and the signal of strong decrease as at present, the probability of this price zone cannot stand. However, this is an important price zone, we should wait for clear signals before entering the order, false-break is also very likely in this area.
USD / CAD
USDCAD is defying an upward move, but as warned many times, the market is overbought and the momentum is very urgent, in the short term should wait for the bearish signals to sell under corrections.
AUD / USD
Not much has changed on AUDUSD, prices are still accumulating and fluctuating around the 10-year lowest prices. View is still patiently waiting for signals before trading at a price sensitive area like this.