The daily chart for Gold shows clear divergence between the recent highs in price and the highs in the MACD. This indicates a potential weakening in buying pressure. Currently we see price finding daily support around the $2327 per ounce mark. With the divergence in mind, watch to see if price breaks lower and then look for sell setups that meet your strategy rules.
We can see the clear change of trend on the 2 day time frame for EUR/CHF after finding a base at the end of last year. Last week saw price pulling back towards the trendline, meaning that we could start to see buyers creeping in sometime in this new trading week. Keep an eye on the smaller time frames for clues.
The H4 chart for AUD/USD shows a potential range in play between the 0.6670 and 0.6600 price points. The penultimate candle of the final session showed a big rejection of the top of the zone. We may see price continue lower in this new week to test the lower part of the range.
The daily chart has produced a high, higher high and lower high on the daily chart. We can also see price breaking and closing below the neckline at 1.0870. This is a text book Head & Shoulders pattern so far.
Potentially, price could retest and reject the neckline for further shorts.
Price looks to be moving within a daily downtrend as shown by the subsequent lower highs and lower lows on the chart. Daily support sits at 1.6150 which was last tested and rejected several times over December 2023 and January 2024. If price continues on its trajectory, we could see support tested before the end of this new trading week.
