Donald Trump is not thrilled about the interest rate hikes, and news of the President's criticism is likely to dominate today's headlines, as such remarks by a US directed at the Federal Reserve and their monetary policy are rare. Thus, against the backdrop of the recent comments, markets are experiencing a small earthquake and the dollar is losing value, leaving FX markets haunted by uncertainty.
Prior to Trump's Fed critique, EURUSD reached new monthly lows, which served as a proper sell signal. Nevertheless, thanks to Trump, it got denied. EURUSD surged higher and came back above the lower line of the triangle. The sell signal has been cancelled.
Gold created a second hammer in a row and a third one is being created at the time of writing. The location of the formation is not random. It is a strong historical support, which could be the start of a bigger bullish correction. On the H1 chart, we have an inverse head and shoulders pattern.
As EURAUD is not connected with the USD, we can have more technical movement here. The price bounced from the mid-term horizontal resistance and created a shooting star. That gives us a nice selling opportunity. The potential target is on the 50% Fibonacci.