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Gold, after triggering a major sell signal on the 5th of December, went significantly lower but the last few days we had a bullish correction here which aimed the previous broken support. Why correction and not a reversal? Well, the upswing is shaped like a wedge so it promotes the further drop. Yesterday and today, the price tested the 38,2% Fibonacci. Those tests resulted in a bearish bounce so we may be witnessing the end of the correction and a comeback to the main trend (down).
Another one is the EURJPY, which finally escaped from the sideways trend present here since September. The price broke the major resistance yesterday and today's candle is making higher highs and lows which is positive and adds a confirmation for the bullish movement.
Last instrument is the AUDUSD, where we do have a pennant formation after a major upswing. Pennant is a trend continuation pattern so it should result with an upswing but for a proper trading signal we have to wait for the breakout.
Gold on the resistance. EURJPY free to go higher. AUDUSD waiting for a breakout.
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