Gold & Forex Analysis on 05/11

Good morning, wish you have trading day full of energy and efficiency! Let's continue to comment, market comment in the new day - 05/11.

The first thing to tell you is that the US and Canada changed the DST on Wednesday. This means that the opening and closing hours of the market will be less than an hour before.

Okay, now we're on the main topic, as usual is the base news. Weekly news releases spread throughout the week, with only the sixth day being the most tense with the FOMC Minutes meeting together with the Fed's interest rate decision, plus the pound's GDP.

Brief analysis of gold trends and some currency pairs on the H4 timeframe

XAU / USD

Last week, despite the non-farm news, the sideways movement was quite narrow, possibly due to the increase in Thursday. Even though the upside potential is not clear, Bollinger is also opening up the band to see strength still. Wait to buy at the lower levels and pay attention to the confluence factor.

USD / JPY

Some Yen today moved slightly abnormal. Although still in the recovery momentum but the structure is not clear. We should wait for the USDJPY to form a new high before buying, or vice versa - sell at lower lows.

EUR / USD

After a strong recovery early in the month, the EURUSD fell sharply as US non-farm news was better than expected. Dropping structure on H4 has been broken but buying at this time may be a little rushed. Brothers H4 trading frame should wait, probably after it completed the head and shoulders pattern then decide.

GBP / USD

Earlier this week GBP jumped more than 50 pips, which strengthened the possibility that GBPUSD will continue to go up. At the moment, all the factors are inclined to buy, it is important to find a good entry point, with this momentum waiting to buy in the MA20 and the latest support is a safe option.

USD / CAD

Although not creating a new peak clear but structural increase is maintained. So now we still prefer to buy with USDCAD.

AUD / USD

AUD continues to make trouble when the signal increases at the H4 frame opposite the signal on the daily frame. Brothers compare two chart will be clear. The probability of gain / loss for AUD is 50/50.