Warmest welcome to my journal visitors, Today, I am going to share my analysis for the Gold, USDJPY, and USDMXN.
Scheduled news for trading:
Today, there is some high and medium-impact news. Especially on the Canadian dollar, there will be a release of lots of essential factors which will make the CAD unstable Today. GBP also will have some medium impact news. Crude oil inventories will release Today as well. So, trade as per your technical analysis by checking this fundamental analysis and prepare your trading plan accordingly.
Analysis and forecast on Gold chart:
This week, gold tested 1766 and was able to break this level with no hindrance. The main reason behind this is the USD's weakness. Yesterday, the price moved to 1790 and then bounced back to test 1762. But again, it moved up to 1785 l. In recent days, gold is jumping too much, a good sign for gold traders as every gold one wants such movement from the yellow metal. Gold may try to test 1800 this week before a massive fall towards 1730, so you can wait for a potential selling opportunity in gold from 1800, and the target will be at 1730 wail the stop loss at 1812.
Analysis and forecast on USDJPY pair:
USDJPY is moving towards testing the Fibonacci level 61.8 at 107.75. This wave won't stop before testing this level for sure. So wait for the potential buying opportunity in the pair from 107.75. Set your TP at 109.50 and your SL at 107.40.
Update of the running trade in the USDMXN trade:
I feel uncomfortable with my running trade in the USDMXN pair. It looks like I will be getting much more pain from this position. The level 19.90 was firm support for the USDMXN, which was easily broken. Then the price moved to test 19.77.
If it did move toward 19.60, then I would have got the margin call for sure. I am lucky that my account is still alive. This bounce-back looks good for my trading at the moment, as it looks like this weave is pushing the USDMXN to test 20.10. But if the USD index becomes weak, then again, the USDMXN will fall.
What do you think about my situation and the analysis of gold, USDJPY mates? Share your ideas with us in the comment so that we can learn from your valuable and informative analysis mates. Have a lovely trading week, and good luck.