Hello Price Action Traders.
The pair on Friday moved downward going to break the outside day’s low on Wednesday. At the end of the week there was a little bounce but not so strong to change the trend of the week. From here i wait for short forex trading signals on returns to 1.2880 and 1.2960, primary resistance areas.
The pair continues unabated losing value against the u.s. dollar. In the last two weeks this market lost 6 figures and is about to go to test a very important support area. Between 0.9700 and 0.9650 we could see a reversal at least in the short term. You can then look for short trading signals on price returns in the resistance area between 0.9850 and 0.9960. It’s interesting to see, using correlations in the forex market, the Australian dollar can bounce in various currency pairs in the very nex days.
Xau/Usd – Gold
The gold spot market continued to lose value after the short trading signal on resistance seen here on the blog a few weeks ago. Now we are approaching a major support at 1.335.00 $ area. I would say that it is better to remain flat for the time since there are no trading signals that give the reason to trade this market. Returns to 1.438.00 $ confirmed by a short signal would give the opportunity to trade. Attention to the support area mentioned above for possible short-term long reversal.
It’s all for today!
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