Seems like the correction on Gold and NZD is over

Correction on the Gold was not the deepest on the record. Price managed to use the weekly hammer for an upswing but it was not spectacular. Yesterday’s candle is a shooting star and price came back below the 1260 USD/oz support and broke the lower line of the wedge. Those signs are bearish.

NZDUSD made 170 pips bullish correction, which was initiated by the inverse head and shoulder formation. They managed to reach the 23,6% resistance and it seems that this is it. Price breaking the green area will be a great sell signal strengthened by the double top formation. The lower line of the correction was already broken.

NZDCHF is also giving us some bearish hints. A bit premature I would say as the ultimate resistance is a bit higher – on the 2 Fibos and correction equality pattern. Sell signal will be triggered once the rice will break the lower black line.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis