Gold and Forex analysis at the beginning of 08/01 - Some patterns and price zones to note
ANALYSIS # GOLD 1 HOUR CHART
Previous market: Sell # gold. Results hit the top
Current trend: # gold is flat, inclined to decrease
Today's market: Sell # gold
Attention: # gold is going sideways during an accumulation phase - accumulation - after the previous strong downside wave. This accumulation phase is now in the form of a Pennant - a pennant pattern, which is a trend continuation pattern, in particular, a downtrend. As the # gold candle breaks out of the pattern, it is likely to continue down. The priority for # gold is still to follow the downtrend.
#USDJPY ANALYSIS 1 HOUR CHART
Previous market: Buy #USDJPY. The results could not be entered
Current trend: #USDJPY is bullish
Today's market: Buy #USDJPY
Note: The upside wave of #USDJPY yesterday was very impressive, especially with no significant price recovery. Currently #USDJPY is creating a small false - false break - and could signal the termination of the trend - trend termination. There could be a pullback - pull back - to pull back, but buying #USDJPY below is suitable for this uptrend.
#AUDUSD ANALYSIS 1 HOUR CHART
Previous market: Buy #AUDUSD. Results hit the bottom
Current trend: #AUDUSD is flat
Today's market: Buy #AUDUSD
Note: Despite the decline, #AUDUSD received support from the very strong #PPZ zone around 0.7720 - 40 and bounced back. #Aussie can be seen very often coming out of this #PPZ lately. It is expected that for today, this strong #PPZ with a combination of the bullish trend line - bullish trendline - below might continue to support #Aussie up.
#NZDUSD ANALYSIS 1 HOUR CHART
Previous market: Buy #NZDUSD. Results hit the bottom
Current trend: #NZDUSD is flat
Today's market: Buy #NZDUSD
Attention: #NZDUSD also received strong support of #PPZ around 0.7220 - 40 to bounce up yesterday, similar to #AUDUSD. Just like #AUDUSD, #NZDUSD may continue to receive support from below with a combination of #PPZ and uptrend line.
http://www.fxprimus.com/open-an-account?r=38793622®ulator=vu