The PEAD projected a Neutral outlook for $IBM after a Positive over reaction following its earnings release placing the stock in drift B
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Sterling is still displaying a degree of resilience on BoE rate recalibration grounds due to Governor Bailey’s NIRP push-back yesterday, but also on a slightly more positive note from UK PM Johnson who claims to see signs that national lockdown is stemming the pandemic spread. Cable has rejected 1.3700 again, but bounced from sub-1.3650 lows after a temporary...
Gold took a dip and then consolidated for Memorial Day. It is riding a support line after breaking from a bull rally. 1740 needs to break for bulls to gain momentum and support area needs to break for bears to get some action. lets see how this week plays out.
My BIAS for AUD/JPY for the upcoming week is currently NEUTRAL.
My reasoning behind this is
We are currently consolidating between Daily Support level at 71.050 and Daily Resistance Level at 72.560.
We are currently at the Support level so we could see a rejection of this level for a push up towards previous 4HR Support at 71.900
Or we could see a break...
I'm using Log chart on monthly time frame. Dow Jones Industrial currently trading in very similar fashion of how price action looked before Dot-com bubble.
Index must break 27000$ and trade above it for a while in order to continue higher. If we cannot get above recent top, more choppy action to follow based on almost identical structure we've seen before.
Daily trend line resisted a move to the upside and Friday's candle is very bearish - price action is in a wider bearish move adding weight to further downside potential.
As price has broken one weekly resistance (blue line) expect a test of another weekly level (arrow).
Upside potential remains with pricing in a short term up-trend, potential correction Monday...
Price action is currently in previous structure (blue box) on approach to test the 61.8 and 76.4 fib levels where a correction is still possible.
Both blue boxes which indicate past structure align with the key fib retracement levels for an entry long. Price action breaking these levels indicates a clean short entry down to 1.12151 and then onto the next weekly...