3 Good Setups On Thursday: Gold, EUR/JPY and AUD/USD

USD suffered some turbulences yesterday but it seems that situation is back to normal right now. Gold is in a strong up trend but we can slowly see a bigger appetite for a bearish correction here. First occasion to do that may be created by the head and shoulder pattern which is now being formed on the H4 chart. We are still far from the neckline and the trendline in the same time but it is better to have this formation at the back of your head. You know, just in case.

Next one is the EUR/JPY where the price broke two important supports (horizontal and dynamic). That changes the sentiment to a negative one and points at 131.8 as a first target for the current downswing.

AUD/USD created another trend continuation pattern and this time it is a wedge. We already broke the upper line of this formation, which triggered us a buy signal. Positive outlook on this instrument is additionally strengthened by the up trendline and the inverse head and shoulders pattern.

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