- Trend. I find the trend up.
- Support. The falling price found support on the prior sloping resistance line at about 1800. There are minor support levels on the lower parallel at about 1790 and on the black , just above the prior major high and the Fib-38.2% level (about 1760). I find the key major at the highs of the bottoming bars and the Fib-50% level: at about 1717.
- Resistance. Price may find first resistance at 1862. Next, if current high at 1886 fails to hold, I'd expect another resistance somewhere along the blue upper border of the channel, potentially at 1900.
- Trading opportunites: long 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, 16:00 CET):
The strongest currency: JPY (still strengthening).
The weakest currency: GBP (still weakening).
The leading markets:
- XAUGBP - trending up;
- XAUNZD - trending up;
- XAUEUR - trending up;
- NZDJPY - trending down;
- West Texas Oil - trending down;
- Natural Gas - trending down.
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