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* XAUUSD Aims for $1,960 Following Breakout

- Knowing how XAUUSD (gold) measured the top of a long-standing descending channel. In several cases, this trend predicted a bull flag beginning with the year 2018 lows. That is when the XAUUSD began its parabolic rise from $1,160 to $2,075. With gold now squarely over $1,850, it seems that buyers are ready to go beyond.

- The next important resistance level from here is $1,960. The region rejected gold twice, it did that in November last year and again this year in January. In the short term, a daily close above $1,870 could turn the region to support. On the move up, keep a watch on $1,910.

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EURUSD to Stay Bullish Above 1.2190
After grinding upwards from the 1.2000 support level earlier this month, the EURUSD is broke out yesterday. Last week, the pair struggled at 1.2190, but today's session seems to be on course to close above it. Keep in mind that a close over 1.2190 is still required to secure the breakout. If buyers do so, the 1.2190 area should support.
However, a daily close below 1.2190 would maintain that level as resistance. Be aware that sellers may attempt to defend the February 25th high of 1.2243. Above that, the EURUSD has reached a multi-year high of 1.2350.

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Briefing/Setup on AUDUSD and NZDUSD

Prior to the massive bearish movement on AUDUSD and NZDUSD on last Friday 7/8/2020, I shared my setup on AUDUSD and talked about how the bears will move to the price region at 0.7070 and to try breaking it to 0.7030 before the bulls can take over. They actually got to the price region of 0.7070 and the market began to go long as I rightly said.

The US economy has been struggling for some months now, but some traces of leaping up came by last week when there was a pull back signal on GBPUSD.(I also shared my setup on that. You can check on my last week post on the page). Now the daily chart has shown signal chart reversal pattern and you can also confirm that on the lower time frame giving way for the bears to take over this week as a result of the NFP (Non Farm payroll) that boosted the USD last Friday 7/8/2020. Keep in mind that the US President Donald Trump signed executive orders banning transactions with popular Chinese apps – Tencent's WeChat and ByteDance's Tiktok. A fuel for US dollar's status as the global reserve currency.

To consider NZDUSD on the 4 hours time frame, you will see the long term reversal pattern which you can also confirm on the daily time frame. If you are taking a position in the NZDUSD pair, you should target your profit at the 0.6525 intermediate support en-route the key 0.6500 psychological price mark.

On the flip side, to target maximum pips/profits, you can allow the bulls to move the market to a price at 0.6650 region before going short because currently, the price stands close to the oversold region on the 1 hour Chart. with a noisy (short term pull back) reversal chart pattern.

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