After the ECB, my view is that. Draghi didnt answer many of the questions in the press conference. He was not so clear for the in all most all questions that he answer and there is not clear view of the economy in Europe.
Take a look at this chart, what do you think? We've got a lot of bears out there right now, but they are forgetting that we have just entered September...a notoriously bullish month for FX_IDC:XAUUSD .
I've marked in red and green arrows where this range (purple dotted lines) has acted as resistance or support, it's clear that the purple range is a key level for determining if the Dollar will be bullish or bearish as sustained breakouts often occur within this range. With farm roles lower (as expected) we have a strange scenario where by the Dollar, Gold, Oil...
AUDUSD SHORT TILL 0.7547. LONG TILL 0.7625, THEN SHORT AGAIN
Overall we are looking at a bearish trend for the dollar index, however I do see some temporary support on the 4hr for a nice little bullish trend before following up with the continuation of the bearish downtrend. DXY may also hit this 618 fibonacci zone using our fibonacci retracement tool when looking at the last major swing on the 4hr.
Strong strong strong support on the daily. Need I say more?
Not only do we have a double top in effect on the 4hr chart, but we are hitting resistance as well on the daily chart. The USDollar also looks like its hitting support on the 4hr, so i'm looking for a rally there to confirm the drop on AU. The 618 fibonacci buy retracement on the 4hr also looks like its coming to an end. AKA our 5th leg of Elliot Wave.
Today was a tricky day during inventory news. I was short going into the news with profit, and thought that the news would blast through the 50% fib level. Stop placement was too far away and took a big hit. Its a lot easier to be an analyst than be a trader during the live markets. As you can see, oil traders like using the magic number 3 at key levels. My...
Wait for break, we will see some more sideways movement before a clear change in direction. Assuming gold analysis is correct silver will follow a similar path and will fall to Pre-Brexit levels
The uncertainty over the global markets led to a dramatic surge in gold, and as we all know what goes up must come down ;) We broke the 1310.98 Support and Resistance line, subsequently we will see an initial uptrend, followed by a strong downtrend as global markets stabilize gold will return to its Pre-Brexit levels.
Very Short Term Journey in the simplest way possible.
Our journey to Profitland - 47.06, IF 46.60 is passed.
We will wait for the break to establish which direction AUDNZD is going, we will keep up to date with any developments.