Good morning, November is over, hope all brothers and sisters participate in the thread to achieve profit goals, wish everyone a good year end, like that!
The US-China ceasefire agreement on trade on Saturday has reduced demand for dollars, see the detailed article here. Gap has appeared in all major pairs with large margin, especially the pair AUDUSD up-gap up to 60 pips.
For basic news on the calendar today, the dollar and the pound will have PMI and ISM news at 16:30 and 22:00, respectively, people remember to pay attention to this point.
Brief analysis of gold trends and some currency pairs on the H4 timeframe
XAU / USD
Last month, the US dollar was pushed deep into the lower trend line but recovered in the US session. At present prices are still not broke out of the narrow triangle area, the trend on H4 is not clear. However, with the basic information mentioned above, the purchase will be more reasonable. The buy zone is the support level below.
USD / JPY
USDJPY is a bit unusual compared to other major currency pairs, it has an up-gap instead of down-gap as we think. The structure of the rising two weeks ago is still holding. Buying at the moment is a bit risky, you should wait for the price to support before doing this.
EUR / USD
EURUSD is shaping up a giant head and shoulders pattern, which suggests buying power is increasing. In the short term we expect prices will not be able to escape from the narrow triangle. General view for euro this point is bought on.
GBP / USD
GBPUSD is still being compressed, currently the compression band is quite narrow and the price is in the middle so if you do not want to risk not to trade this time, wait for the breakout price and then calculate.
USD / CAD
Prices have created a relatively wide gap, but prices are still in the up channel although the gap is not installed. The uptrend has not been broken but the buy orders should set a short target because of the shadow of the top triple top model.
AUD / USD
Gap has penetrated the resistance of 0.733, we can buy at the retest price but the risk is high because the gap is not installed, so wait for the deep down.
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