CAD, Aussie and Gold Weekly Overview - July 22 close

USDCAD

We have a double bottom both on the weekly and daily charts. Last week the price bounced back up from the lower line of the daily descending channel after testing May lows. I would expect a 50% retracement on weekly near 0.9660/70 which coincides with the middle line of the Bollinger bands, and as a second step a retest of the highs around 0.9780/90 matching the level of the actual weekly SMA34.

On the daily charts, I would expect a pull back to the 50% Fibonacci level at around 0.9600, and middle line of the Bollinger bands as a first target; we could then have a continuation to the 61.8% level coinciding with the channel top and the confluence of SMA100 and SMA34 as a second target.

 

 

AUDUSD

On the weekly charts, we can appreciate how the price broke above previous highs (and upper line of the descending pullback channel). I think we are poised for a retest of the all-time highs at around 1.1010 and possible extension to 1.1160 and 1.1350 on a medium-term approach (upper Bollinger bands and 127% extension).

On the daily charts, Friday ended with a doji/spinning top. We might have a pullback to round number 1.0800 and retest of the previous break zone (as first target), and even a further pullback to round number 1.0700 with the confluence of the middle line of the daily Bollinger bands and SMA34 (as a second target), before resuming the uptrend to the all-time highs.

 

XAUUSD (GOLD)

The daily charts show a consolidation week for Gold, leaving a spinning top on the weekly charts. I would expect a possible push to 1646.00 (127% extension). However, we have a rising wedge forming on daily and a break of 1610.00 would probably give way to a fall towards the confluence of SMA34 and middle line of the Bollinger bands around 1560.00 and 38.2% Fibonacci retracement.