Matt Simpson, CFTe, MSTA
CityIndex
MARKET SNAPSHOT:
UP NEXT:
TECHNICAL ANALYSIS:
GBPCAD: Battle of the GDP's
GDP data is out for both UK and Canada tonight so volatility can be expected. Yesterday's bias turned out well and today's bias is for another pop higher. However I also see potential for a complex structure to form below 1.88-89, such as a Bearish Wedge or Diamond formation etc.
Going into London open we are within a narrow range which could suit breakout in either direction (hoping for a clean break and no whipsaws).
A break below Daily Pivot could see a retest of 1.869 where we can reassess to decide if we will rejoin the original bullish break above the trendline.
XAUUSD: Targeting $1600
This continues from a trade bias recently and the initial target has been reached at the upper Bollinger Band.
Sentiment for AUD is bearish overall but if we are treated to a bullback towards $1528 over the coming days then I would consider bullish setups to target $15.73 and $1600 over the coming week/s.
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