Gold & Forex Analysis on 12/02
Brief analysis of gold trends and some currency pairs on H4 time frame
XAU / USD
Gold has come down as expected but it is worth mentioning that it created a bullish signal on H4 when retesting the resistance zone of 1560. This makes the sell orders somewhat risky, so today, though holding view decreases but you should not enter new orders anymore, only those who have short orders before, then keep orders and move SL. If the price breaks down 1560 successfully, the target will be 1540.
USD / JPY
USDJPY fluctuates in a very narrow price range, going all day just over 25 pips. Look at them, nothing has changed much, we still keep the view increase, if there is a buy order can continue to hold and wait for the pattern to break up, in case it fails, broken down, then wait to buy at the support 109.
EUR / USD
Significant signals have arrived on EURUSD, both daily and H4 have noticeable bullish signals. Regardless, those who have short-term orders should exit, a correction may have already begun. Reversal brothers can enter from this price range, note that this is the first rebound so it does not rule out the possibility of a SL scan, so keep a little gap. The immediate target is zone 1.10.
GBP / USD
The price increased but did not change much compared to yesterday and the important resistance level 1.3 still holds. This price movement has not been able to change the view of the decline, in case the price penetrated this area is still MA20 on daily and the upper confluence, in general we should only be more cautious.
USD / CAD
Finally, USDCAD also turned around, a noticeable bearish signal appeared on daily. Brothers reversal can consider short. The immediate target will be zone 1.32.
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lets see if UCAD will go down and hit the trend line.
anyway, how could your reputation goes so low?
The price dropped sharply as expected, the resistance at 1,325 was not strong, continuing to raise sell orders, it is likely to consider moving SL to reduce risks. The target is still the 1.32 zone, this is the confluence zone with MA20 on daily so the probability of rebound is relatively high, you pay attention.