- Trend. I find the trend still UP, although the last leg up looks like an .
- Fundamentals: Gold is strong, while USD is weak in terms of . The USD is relatively overbought for a weak ccy; Gold has been strengthening in recent hours, but it wasn't evident in this market.
- Support. The falling price is expected to find support on the upsloping black , which happens to be around the 23.6 retracement.
- Resistance. Price may find the first resistance at the botteom of the topping candle (1248) and the next one at the blue 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 Wed. 16.03.2016, 11:00 CET):
The strongest currency: AUD (currently strengthening; those who trade the SEK will find it even stronger);
The weakest currency: GBP (recently oversold, likely to strengthen soon).
The leading markets:
- GBPAUD - trending down;
- AUDNZD - trending up;
- EURNZD - trending up;
The developing potential entry opportunities:
- AUDUSD - go long.
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