[Daily Forex Trading] Gold & Forex Analysis July 9
Brief analysis of gold trends and some currency pairs on H4 time frame
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XAU / USD
first.
Gold did not correct much after breaking the peak of 1785, and increased sharply to the 1818 area to show signs of rejection. Our previous gold bargain was successful. With the current refusal signal, we do not continue to buy, the possibility that the price will correct down to 1800 or deeper than the MA20 before rebounding, we will ambush to buy at these prices. when there is a signal.
USD / JPY
Prices are still in the middle, not suitable for trading now. We need to pay special attention to the support level 107.3 that the price is testing. This price could determine the short-term direction for #USDJPY. Specifically, if it holds and shows signs of rebound, the price will likely retest the upper band at 108.15. On the contrary, if the price breaks out of it, the price could easily reach the bottom of 106.8 and the further may be 106.
EUR / USD
The price has rebounded relatively slightly after retesting the downtrend line, but it is still unable to break out of the range. Continuously checking the upper boundary of the range has increased the likelihood of it breaking, but you should consider that the RR level is not good, the price target is still very short. I am inclined to wait for short (short) at the zone of 1.142 when the bearish signal appears.
GBP / USD
The fact that we decided to abandon the sell orders was correct, the price has returned to the uptrend after re-checking the MA20 zone, at present, you can consider buying points, the front has a resistance area of 1,268. However, it is probable that this rally can move to the upper boundary of the medium-term up channel, or worse, to the 1.28 zone. SL points should be placed below 1.246.
USD / CAD
It is quite surprising when the price plummeted to the lower boundary of the range. This makes us be wary of the price action activating the short order following the triangle pattern that has been mentioned in recent sessions. Brothers ranging transactions should not continue. Now is the time for you guys to breakout, wait to sell when there's a signal.
AUD / USD
Not much has changed so we still keep our old strategy, maintain short probes around the current price area, supplementing the position when a bearish signal appears at the top of 0.70