- Trend. I find the trend clearly up; the breakout from the long-term Schiff seems to confirm it. Price seems to have switched from the down sloping fork to the up sloping one. The deviation from the black is a sign of trend's acceleration.
- Support. The falling price has found support at the upper border of the down sloping fork, as well as at the of the blue fork. There's still minor support at 1065, but I find the key major support levels at the prior major tops: at about 1037 and 1020, as well as at the black .
- Resistance. Price may find first resistance at 1091. Next, if current high at 1112 fails to hold, I'd expect another resistance at the lows of Apr-2015 topping bars, at 1130, and then at the upper parallel.
- Trading opportunites: entry at one of the support levels, with a stop-loss order below some prior low, looking to exit at some of the resistance levels 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, 13:30 CET):
The strongest currency: JPY (currently strengthening).
The weakest currency: GBP (still with room to weaken).
The leading markets:
- XAUGBP - trending up;
- XAUUSD - trending up;
- XAUEUR - trending up;
- XAUNZD - trending up;
- Natural Gas - trending down.
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