- Gold bulls are seeking an upside extension.
- EUR/USD, GBP/USD, USD/CHF bears are lurking at critical resistance.
There are a number of opportunities stacking up for the week ahead and the following are a handpicked few to keep an eye on for the opening sessions.
First and foremost, there are prospects of USD/CHF moving lower in the open this week.
USD/CHF hourly chart
The bears are taking the reigns and the focus is on old daily resistance in a 50% mean reversion.
EUR/USD monthly chart
The bears are on track for a strong monthly bearish close below structure which would raise prospects of a downside continuation to test old support.
EUR/USD daily chart
Firstly, there are prospects of a significant test of the old support for the week ahead and the 38.2% marks the spot.
As per this week's, Chart of the Week: USD/CAD bearish prospects, CAD crosses are in focus.
USD/CAD's hourly bearish Momentum is compelling and makes a feasible case to the downside arguable, baring a healthy Fibo correction:
Meanwhile, EUR/CAD is stalling on the downside as bears meet bullish commitments at daily support:
In the open, the hourly chart is following suit with the broadly bearish bias:
GBP/USD daily chart
The bears about to pounce on the daily chart from a 38.2% Fibonacci and old support structure that would be now expected to act as a firm confluence of resistance.
We have a similar scenario on EUR/AUD from a 50% mean reversion level to the upside where bulls will be looking to engage once the 21-day ema is broken:
Gold bulls stepping up
As for the price of gold, from a 1-hour perspective, the bulls are in control while above $1,730 old resistance following a sharp bullish impulse:
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