Major Technical Analysis with correlating fundamentals
Presented is a 1 hr technical buy analysis for XAUUSD.
To start we can see our EMA’s initiating a potential reversal. First we can correlate the MACD with our EMA’s. The MACD/SIGNAL lines have crossed and are just below the zero line to sentiment a cross. Next we correlate the RSI which is resting below a key resistance at 55.00. A breach above sentiments buyer control. Lastly we can correlate the RVI. We can see a curve above the 0 line. While above the zero line in an uptrend we can sentiment an immediate divergence for continuation or a double cross for correction and continuation. Se we have 4 main indicators that are all pointing towards buyer control.
Now we can correlate our fundamentals. I correlate DXY and AUDUSD. DXY technicals are set for a drop however the price has been largely fluctuated do to treasury yields. My personal belief is this was manipulated in the sense that DXY will drop from the stimulus relief as this is a form of inflation and is set for the correction. AUDUSD is the best pair to correlate XAUUSD direction. AUDUSD is also set for trend reversal for the bulls on a technical basis. When AUDUSD is up XAUUSD is up and vice versa.
My first Tp is set for our key resistance at 1816.000 which I formulated from previous retests. Stop loss is below our current support of 1691.000 with continuation.
Please comment with thoughts and ideas. Thank you.
To start we can see our EMA’s initiating a potential reversal. First we can correlate the MACD with our EMA’s. The MACD/SIGNAL lines have crossed and are just below the zero line to sentiment a cross. Next we correlate the RSI which is resting below a key resistance at 55.00. A breach above sentiments buyer control. Lastly we can correlate the RVI. We can see a curve above the 0 line. While above the zero line in an uptrend we can sentiment an immediate divergence for continuation or a double cross for correction and continuation. Se we have 4 main indicators that are all pointing towards buyer control.
Now we can correlate our fundamentals. I correlate DXY and AUDUSD. DXY technicals are set for a drop however the price has been largely fluctuated do to treasury yields. My personal belief is this was manipulated in the sense that DXY will drop from the stimulus relief as this is a form of inflation and is set for the correction. AUDUSD is the best pair to correlate XAUUSD direction. AUDUSD is also set for trend reversal for the bulls on a technical basis. When AUDUSD is up XAUUSD is up and vice versa.
My first Tp is set for our key resistance at 1816.000 which I formulated from previous retests. Stop loss is below our current support of 1691.000 with continuation.
Please comment with thoughts and ideas. Thank you.