Brief analysis of gold trends and some currency pairs on H4 time frame
XAU / USD
Approaching the strong resistance zone of 1600, gold shows no sign of selling off at this price. Instead it is showing signs of a breakout. The signal has not appeared yet, so we continue to observe. Keep the old view, including: 1 / if short-term trading can consider selling when there is a signal of decline, the range of 1600-1625; 2 / if the medium-long term trade can continue to hug buy orders.
USD / JPY
The biggest change yesterday was USDJPY, this pair has had the strongest gaining session in recent months, breaking the downtrend line that has existed for more than 4 years, looking on weekly we can We see this clearly, therefore, in the medium and long term we will prioritize buying. Short-term brothers can follow the bearish signal that just appeared to eat the rebound wave, expect the price to return to the range of 110.8 and then continue to bounce up.
EUR / USD
EURUSD has not shown any signs of recovery, the price remains below the resistance of 1.08. The longer this accumulation area accumulates, the higher the probability of further decrease. Currently, this pair should not be traded, for short-term traders who can wait for the uptrend to eat the recovery wave but it is likely that after a further decline, note the resistance area of 1.075.
GBP / USD
After accumulating time, the sellers finally prevailed, the selling was overwhelming. The price zone of 1,295 has been penetrated and the possibility of the lower boundary of the triangle accumulation area, the price area of 1.285, is preferred to sell in the short term.
USD / CAD
Despite the rise of the USD, the pair is still moving as expected, the resistance zone of 1,320 is about to be approached, you pay attention to prepare to exit the sell order, this is a good confluence area so the price will probably bounce up. From this area, however, it is unlikely that the medium-term uptrend will return because in broader view, the price is on top of a large range.
AUD / USD
The price has not escaped the narrow triangle, however, with the current price action, it seems the support zone below will be broken. If the breakout is successful, the price can easily approach the new bottom of 0.660.
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