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300Eur instead of 450Eur
EurUsd- A break of 1.1750 could lead to a steep correction
As I said in my previous EurUsd analysis, the pair found a top on 1.2 zone and we can expect a correction.
We already have this correction and my 1.17 target is not far away, so what’s next?
A look at the daily chart reveals us a sloping flag on the top and only this pattern should make the bulls think twice.
Now the pair is sitting on support and a potential rally should be considered a good opportunity for a short position.
My target in the medium term is 1.15 for EurUsd
Gold- Stuck in no men’s land:
Yesterday, after touching 1930 median resistance, Gold dropped pretty quickly to 1910 zone support just to find some solid bids here and reverse with power to 1940.
The daily close in inconclusive and as long as the price is contained in 1910-1950 range XauUsd doesn’t have a clear direction.
I will try to trade this range with buy orders around support and sell around resistance.
On the medium-term though my bias is bearish.
CadJpy- sell rallies
After almost 2 weeks since I call for a drop , CadJpy finally went down and reached my target in just one day.
As I said, 80 zone is support and I expect a correction from this point.
Rallies should be sold for a break of 80 support and a new leg down that can reach the next important support at 79.
AudJpy- potential for a 400 pips drop
AudJpy shows us a little bit different picture that other Jpy crosses with the pair still theoretically in an up-trend (up-channel).
This up-channel in my opinion is the “swan-song” for AudJpy and, with the risk aversion on the rise, the pair can drop hard (400 pips or so)
I will try to sell rallies for a good risk: reward and I will hold my position for a medium-term trade.