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Hey there Trainee Traders,
There is a small divergence in the market as the the cases of the coronavirus increases, the risk on assets has not taken a hit or maybe the market view it as not as dire? What do you think?
Gold is still attractive as an investment probably because more investors and funds are pouring into the asset for hedging against the possible sudden reversal.
XAU/USD
Price is still respecting the ascending trendline however with a slower momentum. We may begin to see a sideway pattern before trading upwards (if the resistance breaks and form new high).
Trade Recap
EUR/GBP
Reason: Break of descending triangle / support with retest
Trade Setup
EUR/USD
Pair is still trading sideway and breakout of either side could potentially signal a strong move.
USD/CAD
Pair is also trading sideway. You can look to enter a long at the support level or when the resistance level has been broken and retested.
GBP/AUD
We experienced a false breakout and pair is now back into the side way pattern. Likewise, a break of either side could signal a strong move.
GBP/JPY
Pair has shown a reversal of the current short term down trend. you can look to enter long when the market opens. please look out for any gaps before entering. when 136.15 level is broken and retested you can look to enter another long position
USD/CAD
Pair is trading in a side way pattern. Potential long position can be setup at the support level or wait for a break in the resistance level.
That is all for this week. Stay safe and trade safely.
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