Brief analysis of gold trends and some currency pairs on H4 time frame
XAU / USD
The pennant pattern has failed and the price is returning to fill the gap, yesterday's decline was relatively strong but it is still possible to consider buy orders when the 1560 area is a relatively good confluence zone, here MA20 is also the daily price range. In a nutshell, if there is a bullish signal in this zone, it could be long, SL placed below the support.
USD / JPY
Scenario 2 appeared when the pennant pattern failed, the price returned to fill the gap and retest the resistance area to be broken. This is also the price area where we wait to enter more short orders, however, the bearish signal has not yet appeared, so it is necessary to wait patiently. Note for both JPY and gold, after creating a gap that cannot penetrate the peak at creating a gap, it is not possible to exclude the possibility that this is an exhaustion gap, the buy / sell orders must place SL carefully.
EUR / USD
The price has created a noticeable bullish signal on both H4 and daily at the zone of 1.10, this is also a good confluence zone, so short-term traders can consider long-term long-term orders. The ratio of RR is quite good, but note that this is just a correction, long orders need to place tight SL, the target is the zone of 1.107.
GBP / USD
The lower boundary of the range we are observing has been approached and the price has created bullish signals. If you have not escaped the short order, you should exit the trade. The current view is still trading in the range of 1.295-1.317, likely to have to wait until BoE's interest rate decision later this week to be broken. Priority for long term orders today.
USD / CAD
The price corrected when approaching the 1.32 zone as expected. The correcting momentum is quite strong so the possibility of the price on the confluence area of 1.31 is quite high. Long orders should only be considered when the price approaches this zone and there are additional bullish signals.
AUD / USD
On daily, we see a bullish signal appear in the important price zone, although it is still inclined to the possibility of a correction, but this signal is relatively weak and on H4 we have not seen the clear. , so long orders should be carefully considered and placed SL.
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