- Trend. I find the trend down; the ongoing corrective rally is very steep and seems unsustainable. I expect price to move down to one of the support levels, esp . 0.70.
- Support. I find the key major support at the prior major top (0.698). Minor support: at the 23.6 Fib retracement (0.70).
- Resistance. The rising market has found resistance at prior highs (0.708). Price may find the next resistance at 0.711, and then at prior minor high (0.715). Next, I'd expect another resistance on the dow sloping , just above 0.717.
- Trading opportunites: entry at one of the resistance levels, with a stop-loss order above some prior high, looking to exit at some support with R:R of at least 1:1.
Here's the summary of how I see the current situation in financial markets (as of 16.02.2016, 11:00 CET):
The strongest currency: JPY (recently weakened and oversold, now strengthening).
The weakest currency: GBP.
The leading markets:
- XAUGBP - trending up;
- XAUUSD - trending up;
- XAUEUR - trending up;
- XAUNZD - trending up;
- NZDJPY - trending down;
- Natural Gas - trending down.
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