- Trend. I find the trend clearly up; the breakout from the long-term red seems to confirm that. Price seems to have switched from the down sloping channel to the up sloping one.
- Support. The falling price has found support at the upper border of the down sloping channel.
I find the key major support at the prior major top, in the middle of the small range, at about 1200. It's hard to imagine 1200 to be broken any time soon, but should it happen, I'd be looking for another key support at the blue up sloping , even as low as 1168. Minor support: hard to find up here, just some at Fib levels (1154.80 or 1129).
- Resistance. Price may find first resistance at 1232, and then at the upper border of the blue channel. Next, if current high at 1263 fails to hold, I'd be expecting another resistance at the lows of Jan-2015 topping bars, just above 1280.
- Trading opportunites: entry at one of the support levels, with a stop-loss order below some prior low, looking to exit at some resistance with R:R of at least 1:1.
Here's the summary of how I see the current situation in financial markets (as of 15.02.2016, 19:00 CET):
The strongest currency: JPY (currently very weakened, relatively oversold).
The weakest currency: GBP.
The leading markets:
- XAUGBP - trending up;
- XAUUSD - trending up;
- XAUEUR - trending up;
- West Texas Oil - trending down;
- Natural Gas - trending down.
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