Seems like the correction on Gold and NZD is over

Correction on the Gold was not the deepest on the record. Price managed to use the weekly hammer for an upswing but it was not spectacular. Yesterday’s candle is a shooting star and price came back below the 1260 USD/oz support and broke the lower line of the wedge. Those signs are bearish.

NZDUSD made 170 pips bullish correction, which was initiated by the inverse head and shoulder formation. They managed to reach the 23,6% resistance and it seems that this is it. Price breaking the green area will be a great sell signal strengthened by the double top formation. The lower line of the correction was already broken.

NZDCHF is also giving us some bearish hints. A bit premature I would say as the ultimate resistance is a bit higher – on the 2 Fibos and correction equality pattern. Sell signal will be triggered once the rice will break the lower black line.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

More From FXEMPIRE:

• E-mini S&P 500 Index (ES) Futures Technical Analysis – July 10, 2018 Forecast

• Price of Gold Fundamental Daily Forecast – Rally Stops Cold as Treasury Yields Surge

• Commodities Daily Forecast – July 10, 2018

• The Pound Continues to Weaken as UK Political Uncertainty Prevails, Global Stocks Rise

• UK Monthly GDP Rises to 0.3%, Pound Remains Weak

• E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 10, 2018 Forecast