Here is a comprehensive analysis for XAUUSD for the conditions we might see during next week. Last week, we had a rising wedge consolidation breakout coupled with a head and shoulder pattern which turned out be a good reason for a sell-off with target at 1639 (Paid us really well Alhamdulillah). That was two PAs working simultaneously in the breakout zone between 1660-65 for both patterns. Now that PA has reached targets and we are looking for the local and major demand zones breakouts.
Note:
1- The major demand zone turns out to be 1614-25 so far, we break this range, we can be expecting 1500s range soon. Bounce from here will trigger a minor bullish rally which can also serve as discount for bears till lower ranges. Unless it breaks higher than 1675, we are not expecting it to trigger a reversal.
2- Local demand zone stands 1638-40, breakout from which we can expect price to hit lower 1620s once again. Breakout confirmation and target zones for the intraday traders.
3- H4 broke lower than the ichimoku cloud zone which is actually a signal to go short but we can expect corrections since last weekly closing H4 is a Bullish Harami.
4- Strong Daily breakout candle observed on Friday which also indicates trend going bearish for the next days to come.
5- Weekly Candle also closed as a body engulfing candle (Bearish).
6- This Idea is invalid if trend breaks higher than 1675 level.
7- If price moves higher to 1650-60 range, you signal to go short will be a H4 reversal candle.
Please refer to related ideas to see Monthly and Weekly analysis.
Best of Luck, Happy Trading and Happier Profits :-)
Note:
1- The major demand zone turns out to be 1614-25 so far, we break this range, we can be expecting 1500s range soon. Bounce from here will trigger a minor bullish rally which can also serve as discount for bears till lower ranges. Unless it breaks higher than 1675, we are not expecting it to trigger a reversal.
2- Local demand zone stands 1638-40, breakout from which we can expect price to hit lower 1620s once again. Breakout confirmation and target zones for the intraday traders.
3- H4 broke lower than the ichimoku cloud zone which is actually a signal to go short but we can expect corrections since last weekly closing H4 is a Bullish Harami.
4- Strong Daily breakout candle observed on Friday which also indicates trend going bearish for the next days to come.
5- Weekly Candle also closed as a body engulfing candle (Bearish).
6- This Idea is invalid if trend breaks higher than 1675 level.
7- If price moves higher to 1650-60 range, you signal to go short will be a H4 reversal candle.
Please refer to related ideas to see Monthly and Weekly analysis.
Best of Luck, Happy Trading and Happier Profits :-)
Comment:
First target zone reached at 1614-27, now we shall wait for a clear breakout from this range to sell further :-) best of luck!
