Silver and gold prices surged alongside falling US bond yields and a weakening DXY. Despite the risk that the FOMC minutes might reveal a sudden hawkish shift by the Fed, I have opened a long position on XAGUSD with an initial target of the break-even point.
Today, I decided to trade the AUD/USD pair; the price had corrected following last week's rally, so I opened a long position while placing my stop-loss and target within the previous range.
NZDUSD underwent a sharp correction yesterday; the current expectation is that the New Zealand dollar is in a support zone and poised for a rebound. I am placing a buy limit order here, with a stop-loss below the support level and a target near the previous high.
For today, I am looking at the USD/JPY with a buy limit order; the JPY may remain under pressure from the USD's rise driven by the Fed's hawkish stance.
The silver position closed at a loss. Today, the focus shifts to USDCAD, where a buy position has been opened in anticipation of a recovery following a significant drop.
Looking at USD/JPY today, the pair fell sharply yesterday. Expectations of a Bank of Japan rate hike and the unwinding of carry trades appear to be driving JPY strength. I am looking to sell USD/JPY here, with a stop-loss placed near the nearest resistance level.
Turning to USDCAD—a pair that rose yesterday—the price is currently below the middle band on the 15-minute chart, showing a corrective bias following yesterday's rally. I am attempting a sell position here based on technical grounds: the movement remains within a reasonable range, and there are indications of a correction.
The USD appears to be gaining support from expectations of an interest rate hike; regarding the GBP/USD pair today, consider taking a sell position and placing Stop Loss (SL) and Take Profit (TP) levels near the upper and lower bands based on hourly price movements.
Today, I took a risk by opening a long position on gold following its drop, triggered by the Fed's interest rate hike. Prices are currently consolidating, and a technical recovery is expected after the sharp decline due to profit-taking.
