Missed the big dollar selloff from the past few days?
Don’t worry, USD/JPY’s 4-hour chart and spot gold’s (XAU/USD) daily time frame are showing opportunities we can take advantage of!
What do you think of these setups?
USD/JPY dropped like a rock last week, falling from the 146.00 zone to trade at its current levels near the 140.00 psychological handle.Are we looking at a bearish flag situation here?
If you’d rather buy USD against JPY, then you might want to watch out for bounces above the 138.50 range support or a clear breakout above the 4-hour consolidation.
What do you think? Which way will USD/JPY go next?
Spot Gold (XAU/USD): Daily
Breakout alert! Spot gold prices recently broke a descending trend line resistance but also encountered enough sellers around the $1,800 mark to prevent further upside action.Thing is, the most recent daily candlesticks are already hinting at a pause if not a pullback.
Look out for a pullback to the broken trend line that had served as resistance for most of 2022.
Don’t discount more gold-buying though! If XAU/USD gets enough momentum to make new November highs or bust through the 200 SMA, then we could see the pair revisit areas of interest like $1,870 or $2,000.