Looking at gold prices, we can see that as a result of Friday’s increases, the exchange rate rejected the upper limit of the earlier growth channel and reached as far as the region of 1303 dollars, where today the first supply reaction has already appeared. Considering that these increases led to overcoming the local resistance in the area of $1294, we could expect a re-test of this zone in the nearest future.
The current situation on the AUDJPY pair, whose price has been oscillating around the recently beaten support and measuring 61.8% of the Fibonacci correction from previous falls, also looks further bearish. Therefore, if this zone is finally rejected, we could even expect a further decline.
The current situation is quite similar for the EURJPY currency pair, whose exchange rate has been oscillating around the recently defeated support (now resistance) for some time. Therefore, if this zone had been permanently rejected, we could have expected even further falls, for which the realistic range seems to be around the 120.80 level.
EURCHF exchange rate is also in the area of significant resistance. Given that this level coincides with the measurement of the 50% Fibonacci correction, it is increasingly likely that this zone will be rejected. If this were to happen, we could expect a weakening of the single currency in the near future.
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