Presumably, as a part of the daily timeframe, the correction has developed as wave 2, which currently has the form of a zigzag. Locally, most likely, the third wave of the senior-level 3 has started to form, within which the lead-in impetus (i) of iii of 3 has been formed and the local correction (ii) of iii is developing. If the assumption is correct and the price does not break through the critical level of 0.9140, the pair will continue growing to the level of 0.9840.
Buy the pair from corrections above 0.9140 with the target at 0.9840. If the level 0.9140 is broken through, sell the pair with the target at 0.8820.
Breakout and consolidation below the level of 0.9140 will allow the price to continue declining to the level of 0.8820.
September 23, 2016 Gold rises to critical level on lower-for-longer policy signals
The price of gold extended its rebound modestly on Thursday after the US Federal Reserve provided some key signals on Wednesday that, despite a considerable probability of one Fed rate hike by the end of this year...
September 22, 2016 Moving on from the Fed
The reaction seen in currency markets yesterday to respective central bank policy decisions was instructive of the change in dynamics that we’re seeing. The BoJ enacted a number of changes to its policy regime...
September 21, 2016 Bank of Japan runs out of road
The Bank of Japan delivered a whole heap of nothing at its policy meeting today, although some adjustments were made to its policy framework. If you take the time to read through these measures, then the impression is of a central bank that has largely lost the monetary plot...
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