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Even though currencies went mostly sideways today, there were a couple of noteworthy developments in the pairs. USD/CAD extended its breakout to make new six-year highs and EUR/GBP made new eight-year lows. Perhaps the most interesting is gold (XAU/USD), which broke last year's low to post new five-year lows.
If the momentum picks up, the potential is to at least 1000. The big level is backed by 2008 and early 2009 highs with 76.4% retracement of the 2008 to 2011 rally coming in below. The measured target of the potential monthly wedge pattern breakout points even further to the downside, to 875.
If the momentum picks up, the potential is to at least 1000. The big level is backed by 2008 and early 2009 highs with 76.4% retracement of the 2008 to 2011 rally coming in below. The measured target of the potential monthly wedge pattern breakout points even further to the downside, to 875.
