MarketBreakdown | EURUSD, GOLD, USDJPY, USDCAD
Updated
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1️⃣ EURUSD - 8H time frame
The market remains bullish and trades within a rising parallel channel.
Though bias remains bullish, it looks like the pair is slowing down.
The last higher high did not manage to reach a resistance of the channel
and returned back to retest a channel's support.
In case of a bearish breakout, be prepared for a potential correctional movement.
The pair looks too overbought.
2️⃣ USDCAD - Daily time frame
The pair is very close to a year's low.
The price has already formed a dodji candle so a pullback is highly probable.
Keep monitoring the intraday time frame for a pullback trade.
3️⃣ GOLD - 16H time frame
The price broke and closed below a support line of a rising wedge pattern.
It looks like the retracement leg may proceed.
The closest support to watch is 1748 - 1758
I did not short because the price did not reach a key level within the wedge.
Instead, I will look for buying opportunities from support.
4️⃣ USDJPY - 3 Days time frame
The price has respected a major rising trend line.
The market has formed a nice dodji on that and we see a nice consequent bullish continuation.
The pair will most likely keep growing.
Next resistance - 109.7
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