Gold and forex analysis on february 11
Good morning! Wishing you and your brothers and sisters a talent in the Year of Pig!
"Being delicious and delicious naturally Tet ... The Tet holiday is naturally delicious ..."
Today everyone probably got back to work, feeling a little psychologically mild: D. But then we will get used to it, try to work, labor is glorious!
It is expected that this item will reopen on the 4th day of the Lunar New Year but on Friday, the feng shui is not very good, so it will be rescheduled today for a better look. Last year, I did not know forex did the Tet of the whole family "shrink" or "monumental" but next year I wish you and your brothers and sisters will have stability in this work whether it is the main or the secondary. Ok, let's go to the main part now!
Japan is on holiday today, the US has no strong news, most notably today is a series of UK data released in Europe session on GDP as well as production output, people pay attention.
Preliminary analysis of the gold trend and some currency pairs on the H4 time frame
XAU / USD
The uptrend has been broken on a low time frame but on H4 and Daily, the price is still in the medium-long-term uptrend channel. Currently, prices are retesting important peaks, so it is not yet concluded whether this correction has ended. If the price failure can go to the area of 1297.
USD / JPY
Since it is not possible to create a new lower low on the daily frame, instead of ending an upward correction, the price creates a rising channel. We now need to look closely at zone 110, which is an important barrier both technically and psychologically, it has also been tested many times recently. If this area is broken, it will confirm the uptrend and expect about 111 zone.
EUR / USD
The week in which we spend Tet EURUSD has been continuously reduced, currently approaching the sensitive zone 1.13. This is also the lower boundary of the rising channel with a low slope and at the same time a support area of the sideways zone. If risking, we can buy in this price zone because the RR is relatively good.
GBP / USD
The head and shoulders pattern we observed earlier has been completed and the downtrend has begun. The current priority is to sell off the down trend, the entry point is the upper resistance.
USD / CAD
If combining multi-frame analysis, then the rebound from the 1,307 area was not surprising, the price reacted quite accurately to the confluence with the channel on the frame daily. At the moment we should not enter the order but need to observe 2 areas: if the price reaches 1,318 area, it is an opportunity to enter the order, if the price breaks the 1,337 area, it is the confirmation of the gaining trend.
AUD / USD
There is no clarity in the current trend of AUDUSD on H4. But with the recent strong decline, selling at the resistance of 0.716 is also an option.