Correction started at the beginning of the week continues today. It’s the 4th of July so markets in the US are closed. Thanks to that, we can expect volatility to be a little bit lower.
EURUSD is using the H&S on the H1 to go lower. 1.1395 is the closest resistance. We have a nice place for a potential support: three different technical elements coming together in one place – around the 1.1285. We have an up trendline, correction equality pattern and the horizontal support. That setup has great potential!
AUDUSD went sharply down as RBA failed to deliver a hawkish comment to the markets. Expectations were a little bit different, which is why we have a strong slide here. Fundamentals came along with technical analysis where we got a long head on the daily candlestick on Friday.
A sell signal has emerged on Gold (again). This time, the price broke the neckline of the H&S formation. We are also below the up trendline (pink) and horizontal support (green). All that is definitely bearish.