Wadda's Trading Journal
XAU/USD is looking for and selling in a bull style above its number one every day easy shifting averages (SMAs). After a failure at the 1600 mark in advance within the month, the steel is now in consolidation mode.
Gold is retracing down difficult the 1550 help and the only hundred SMA at the 4-hour chart. If the markets harm underneath the 1550 diploma it is able to keep to say no within the path of the 1537 guide diploma.
The marketplace is searching out and selling beneath the number one SMAs suggesting a bearish momentum in the near term. The bullish bias were given invalidated beneath the 1558/1555 charge region as it result in a deeper retracement towards the 1550 diploma as predicted. The marketplace need to stay underneath promoting stress within the close to term with a hard time to get better above the 1558/1555 fee vicinity.
Though there is still another scenario which is possibility for breakout to occur.. So we still need to be cautious.
SAY NO TO RACISM, EVERY LIVES MATTER
Following the previous session's directionless move and a subsequent uptick earlier this Tuesday, the pair once again met with some fresh supply near the very important 200-day SMA and turned negative for the fourth consecutive session.
Journal Update USDCAD
Today lots of high impact news coming out for CAD and it seems that today's hot currency is CAD. So guys be careful trading CAD currency pair today. But fundamental condition is very good for trader if they understand it properly because when trader understand the fundamental condition that will clear the view of the market and also trader can manage to make lots of pips with this information.
USDCAD now moving sideways and it seems that market will move more down. Also market formed bearish pinbar candlestick pattern that is bearish. I think market brake 1.3030 area and move more down. There is very good chance that market will hit next demand zone at 1.2990 area. Hope you guys enter into the market right direction, But i think trader should be more careful and if they are confused then they should wait patiently.
USDCAD Daily Chart