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TECHNICAL ANALYSIS:
Gold: Back above $1200 with potential bull flag
I expect volatility to be lower for USD crosses and for price to remain within last week’s range across several pairs such as USDJPY, USDCAD and EURUSD. If this is the case then we need to adjust out profit objectives and switch to range-trading strategies, or seek trends on much smaller timeframes.
Gold is above $1200 and likely to provide support if we retrace this far which may present buying opportunities. But for the reasons mentioned above, be sensible with targets as we await FOMC statement on Thursday.
CAC 40: Bearish Pinbar below resistance
A relatively simple price action setup, we are assuming a resumption of the downwards move in line with the bearish weekly candles and for yesterday's high of 4329 to have confirmed a swing high. This was support which was tested 6 out of 7 days, so the fact is has not broken and since been respected makes it higher probability that we have seen the swing high.
Assuming no gap-down at market open traders may want to consider short setups within yesterday's candle range to achieve a higher reward/risk ratio.