Forex Forecast: Gold, USD/JPY, GBP/USD, AUD/USD, USD/CAD

Gold real bearish momentum below 1850

(Nenad Kerkez – Top-XE)

Gold technical analysis

Move down from W L4.
Selling the rallies.
Bearish trend continues below 1850.
Support is near.

MEGATREND MAs: Bearish

H4 chart gold

Important support.
Swing high.
Outside bar.
Intraday bearish target.
Final target.

Gold is still bearish. Technicals show a clear downtrend with many failed attempts for counter trend moves. The price is straddling the MAs and I expect further bearish continuation. Selling the rallies is an option with the 1750 zone being a strong support. If the market breaks 1750 only then we will see increased bearish pressure. The target will be 1729 which is Monthly L3.

Gold movement is influenced by the USD where we naturally see the negative correlation. Other factors to influence GOLD price movements are:

Gold production.
Global money supply.
Global inflation.
Interest rates.
Currency debasement.
Global imbalances.
Government reserves.
Safe haven demands.

Daily recommendations on major – USD/JPY

(AceTrader Team)

USD/JPY – 135.32

Dollar’s intra-day rally in tandem with U.S. yields to a 2-week high of 135.49 in New York suggests re-test of August’s 135.57 high would be forthcoming next, above would extend upmove from August’s 130.41 7-week trough at 130.41 towards 135.96 before prospect of decline later.

On the downside, only a daily close below 134.68 would prolong choppy swings and risk weakness towards 134.43, break would head to 133.92/97.

Data to be released on Thursday

Swiss exports, imports, trade balance, EU construction output, HICP.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, Canada producer prices, U.S. existing home sales and leading index change.

Ichimoku cloud analysis: GBP/USD, AUD/USD, USD/CAD

(RoboForex Team)

GBP/USD, “Great Britain Pound vs US Dollar”

GBPUSD is testing the support area. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen at 1.2090 and then resume moving downwards to reach 1.1835. Another signal in favour of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2205. In this case, the pair may continue growing towards 1.2305. To confirm a further downtrend, the price must break the downside border of a Double Top reversal pattern and fix below 1.1955.

AUD/USD, “Australian Dollar vs US Dollar”

AUDUSD is rebounding from the bullish channel’s downside border. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen at 0.6965 and then resume moving downwards to reach 0.6755. Another signal in favour of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7095. In this case, the pair may continue growing towards 0.7190. To confirm a further downtrend, the price must break the bullish channel’s downside border and fix below 0.6820.

USD/CAD, “US Dollar vs Canadian Dollar”

USDCAD is testing the upside border of the reversal pattern. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.2855 and then resume moving upwards to reach 1.3135. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2745. In this case, the pair may continue falling towards 1.2655. To confirm a further uptrend, the price must break the upside border of the Double Top reversal pattern and fix above 1.2995.