XAU/USD - GOLD Waiting 26/10/2017The situation for gold is complicated as the price showed a significant growth on large volume yesterday. Also the new support 1271.40 was created during the move. So until its breakdown we can’t consider short positions. On the other hand, there is a downtrend and huge volume accumulation at the top of the chart. So opening long positions is quite risky at the moment. Moreover, the price is trading in some kind of local consolidation, that’s why the best decision will be waiting for its exit from the range. The move should be sharp and on large volume. Until that it is better to stay out of the market.
The bottom line: waiting for the exit of the price from the local range
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AUD/USD SELL - 26/10/2017The Australian dollar continued falling on increased volume, which is a good bearish signal. So our previous scenario remains actual: we should give preference to short positions. We can enter the market after a smooth upward correction in order to obtain a better entry point. A stop loss should be placed above the level 0.7785. A potential of the deal is around 100 pips.
The bottom line: short positions after a smooth upward correction.
USD/CAD BUY - 26/10/2017USD/CAD continued its growth after the release of fundamental news yesterday. It is worth noting that the upward movement was very sharp and on very large volume, which is an excellent bullish signal. It is also necessary to allocate a new support level 1.2764 - 1.2777, which was formed during this movement and which contains very large volume too. Given these factors, we should give preference exceptionally to long positions for this currency pair. Sales can be opened after the test of the level of support and the resumption of the price growth from it. A stop loss should be placed below this level. The potential of the deal is more than 100 points.
The bottom line: long positions are in priority.