Charts of the Week: Gold attempts recovery rally + Oil prices give CAD a boost

XAU/USD

* Gold has recovered slightly from the recent sell-off, with the broad uptrend still intact

* Daily chart is showing positive RSI divergence, which some Gold bulls see as first sign of a potential recovery rally

* However, the precious metal still must clear the resistance at $1302 in order for bulls to gain control again

* Sentiment is mixed at the moment; Dollar remains in demand, while equity markets are constantly jumping between risk-on and risk-off

XAUUSD
XAUUSD

EUR/JPY 

* It is difficult to be a Euro bull nowadays, especially following the latest ECB conference

* Rate expectations have declined, and poor economic data out of the Euro Zone is keeping the currency under pressure

* However, an improvement in risk appetite may give EUR/JPY a bit of a boost

* The currency pair just recently stepped out of the oversold territory on the hourly RSI + there is positive divergence

* Traders might keep a close eye on the resistance area between 125.25 and 125.50, which acted a key support/resistance many times before

EURJPY
EURJPY

USD/CAD

* The pressure on the Canadian Dollar has eased somewhat recently, as Oil prices continue to recover

* The Oil rally might help the CAD to recover in the short-term

* USD/CAD failed at a key level of resistance - at the 61.8 % Fibonacci of the December-January decline

* The key level to watch now is 1.3370 (50 % Fibo) - a clear break below that level may signal a possible continuation of the downtrend

USDCAD
USDCAD

AUD/NZD 

* The currency pair is trading within a descending channel

* AUD bears are now looking for another test of the lower trendline, as well as the major 1.02 support level

* The Daily RSI divergence suggests that AUD/NZD is not yet in oversold territory

AUDNZD
AUDNZD

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