During yesterday's hearing before the Senate, Mr. Powell reaffirmed the Fed's patience in raising interest rates and added that they had prepared a plan to adjust the narrowing of the balance if necessary, ending As a result, Usd fell sharply yesterday.
News focus today is CAD inflation data and Mr. Powell's next hearing before the House of Representatives. The US-Korea conference in our country also started and could have a certain influence on the market if there was a mutation.
Preliminary analysis of the gold trend and some currency pairs on the H4 time frame
XAU / USD
The bearish pennant pattern that we have followed has been broken but with no strong force, the resistance at 1320 is quite difficult to overcome. Continue to expect the medium-long-term uptrend will return, the buying zone should be in the 1315 zone.
USD / JPY
Yesterday I warned you that prices can be adjusted at any time because you are approaching strong resistance. We now see the silhouette of the double top model on H4, which can be seen more clearly on the daily frame. It is possible that the price will not end the uptrend with this pattern but the correction after the pattern may return to 110-109.5, which is also a rally area to buy in the medium-term uptrend.
EUR / USD
The price has escaped the whipsaws and went to the selling zone, if any of you are not yet on the order, wait for the price to go up a little bit to get a better RR, maybe the correction has ended and EURUSD will back to the down trend.
GBP / USD
GBPUSD corrected quickly and strongly when approaching the 1.32 area but then regained the momentum and went up to the next resistance level, which is also the best price of GBP against the USD in the last half year. The price has gone quite far and is approaching the strong resistance so it can be adjusted at any time, you should follow the trend to collect the gun and wait.
USD / CAD
USDCAD was unable to escape the narrow triangle, the decision to exit ½ order helped us get some profit before the price dropped again. View for today is standing outside observing how breakout prices are then getting forward.
AUD / USD
The resistance zone AUDUSD is approaching has quite a large margin so to be safe and have a better RR level than you should wait for the price to go up a bit before selling out.
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