AUDUSD & GOLD have a positive correlation, because Australia is the 3rd biggest Gold producer, so I believe as the price of Gold increases, so will AUD and from technical stand point we're looking for a a re-test of daily trend resistance and continuation of the up trend over the course of the week.
I still believe, we're looking for a break of daily trend resistance, but for the time being, going short to form 2nd potential inverted H&S for around 40 pips.
-Expanding Wedge formed on weekly chart -double bottom formed on support trend line on the daily chart; showing momentum to the downside has decreased. -4H chart; 3 tests of support identify a consolidation. Also shows signs of bullish divergence. Looking to go long..
retest of head and shoulders neckline
tests of daily trend resistance as well as bearish divergence
Retracement to 61.8 Re-test of trend line Long candle wick, bulls pushing up
BREAK OF TREND RESISTANCE 3rd impulse down stops bearish momentum at support, looking to buy now
RE-test of daily trend line
38.2 retracement on daily. break of trend line support on 1H. Momentum decrease towards resistance on 4H.
wait for second shoulder to form and enter on break of inverted Head and shoulders neckline
I am still new to this but I am still learning. I am just sharing of what I feel through the analysis that I did while the market was closed on the weekends. We are looking at the AUDCAD pair. Currently this pair is in down ward trend. The price is currently hitting the monthly high key level. I have plotted the trend line accordingly from Lower Highs to Lower...
Combine that with a weak sector and insider selling. Might have a nice little short setup here! - Acorn Wealth Corp
OANDA:XAUUSD - Weekly (Bearish) : Doji at a weekly level indicating indecision and momentum loss with a wide swing divergence - Daily (Bearish) : Pinbar rejection with divergence - 4hr (Entry) : Double top with a trendline break EP: 1336.25 SL: 1360.36 TP1: 1311.47 TP2: 1290 www.pipkingsfx.com Like the content? Support it by.... SMASHING that LIKE button...
FX:EURCHF - Weekly (Bearish) : Long wick candle off the zone forming a pinbar - Daily (Bearish) : Inside bar with a bunch of indecision candles on the zone - 4hr (Entry) : Trendline & Wedge Breakout EP: 1.12400 SL: 1.11686 TP1: 1.13113 TP2: 1.13406 TP3: 1.14255 www.pipkingsfx.com Like the content? Support it by.... SMASHING that LIKE button & following my...
# False breakout @ support # Yesterday's candle pinned support # The last candle on H4 also pinned support Buying at market price 136.336 with #SL below support @ 135.048 and # TP just below the 141 mark @ 140.847 To learn the dynamics behind the analysis, please join my mailing list using the link below zc.vg As usual don't bet the farm. Good risk...