- Trend. I find the trend still UP, although it's been losing momentum recently.
- Fundamentals: the Gold is strong, while the GBP is weak, in terms of . The Gold is also relatively oversold for a strong currency, whereas the GBP is well overbought.
- Support. The falling price is expected to find support on the upsloping blue , which happens to be just above the 23.6% retracement and 61.8% of the alternate price projection of the last major swing down, so there's a Fib-based support between 853 and 855.
- Resistance. Price may find the first resistance at the prior major high (874,2), the next one at the bottom of the topping bars, and another one at the pink upper parallel.
- Trading opportunites: enter long at one of the support levels, with a stop-loss order below the corresponding 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 Fri . 18.03.2016, 15:00 CET):
The strongest currencies: PLN, NOK , SEK
The strongest major currency: CAD (currently strengthening);
The weakest currency: USD.
The leading markets:
- USDNOK - trending down;
- USDSEK - trending down;
- USDSGD - trending down;
- WTI OIL (US OIL ) - trending up.
The developing potential entry opportunities:
- XAUGBP - go long;
- GBPAUD - go short;
- USDSEK - go short.
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