EURCAD

EURCAD has been forming a descending channel and is currently at the bottom of the structure as well as the support zone. Sellers would want to manage their positions and wait for further confirmation of a breakout to the downside. The other scenario is a rally to the upside which will be confirmed by an aggressive break and close to the upside.

GBPJPY

GBPJPY is forming a bullish corrective structure and testing the support zone. The overall momentum is still bullish as seen by the bullish impulse wave and traders will be interested in long positions. Currently the market is still forming the structure and an aggressive breakout to the upside will confirm a bullish leg.

XAUUSD

GOLD rallied to the upside and is forming new higher highs. An ascending structure is developing and the market is currently at the top of the structure. Traders who are still holding long positions will want to manage their trades and wait for further confirmation since the market is at the top of the structure. An aggressive rejection will see Gold pushing down.