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Top Pairs to Watch this Week (8/17/2020)

AUDNeutral
USDBullish
EURBearish
GoldBullish

AUD/NZD

Mixed sentiment on this pair since Australia's economy moves well with gold. Monetary statement is happening today as leaders bring forward-looking analysis on the economy and whether or not the cash rate will go up, down or remain the same. 14-Day RSI has not been this high (83) since 2011, so it looks like the pair may need to see some sort of pullback here soon. Gold surged this morning which is probably causing the pair to continue its uptrend since March lows. However, a pullback on this pair seems almost definite.
Potential Longs: 1.09780
Potential Shorts: 1.10200

USD/CAD

UC stuck in consolidation at the trend line, so that potential retest we talked about last week was hit. We're still expecting to see the pair rise as the dollar is starting to gain some strength back.

Long wicks on the 4H chart suggest that the price does not want to break support, and a rally on this pair may a long time to develop as lots of resistance lies in the way.

EUR/JPY

The yen may also be another currency that will start to gain strength as investors start to move to risk-off pairs. 4H chart is creating lower highs and lows, suggesting possible further movement to the downside. Candles have also not reverted to their 200 4H moving average in over a month. The euro has been highly favored since March, but analysts don't expect that to last long.
Potential Longs: 125.600
Potential Shorts: 126.091

Gold

Analysts think gold has entered a downtrend, but it appears that gold wants to come back up to test highs again after bouncing off the 4H moving average. Warren Buffett recently sold bank stocks like Goldman Sachs and purchased half a billion dollars worth of gold stock. Because he likes to hold positions for the long term, he is most likely long term bullish as well. A breakout on the trend line on the 4H hour chart shows that the bulls haven't given up yet on the metal. Some resistance lies in the way at 2016, but price seems likely to break after gold takes a healthy pullback before continuing its bull trend.
Potential Longs: 1964
Potential Shorts: 2016


Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

Featured Pic: https://cdn1.iconfinder.com/data/icons/money-color-set/24/Euro_Fall_money_color_c-512.png

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