This pair is an interesting one to watch. EURNZD is at the 0.5 fib level and seems to be forming the reverse head and shoulder pattern. Really tricky. We will rather wait and see how price action plays out.
Market has successfully run into a daily level of structure (previous support) and if the level holds, we might possibly see it become resistance for further push to the downside.
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We are definitely in a bull market! For this week , I expect price to push up to the July high of 13283.70. These are some possible routes it will take to get there:
Scenario 1 -Red arrow
Price shoots up in the early hours of Monday, reaching the August high level of 13103 . Finding resistance ,it will bounce down to the 1300 level which is a significant...
Opportunity to buy Gold as in the chart, I can see Bullish Flag or Falling Wedge pattern.
This patterns are trend continuation patterns.
So, go ahead and grab some gooooold......
If price breaks the upper downward trend line, then buy Gold and sit tight.
Moreover, I am expecting market may crash soon and so, I strongly believe Gold is likely to shine.
Shorting Opportunity in S&P 500 if price rejects the red downward trendline.
Even, price is also at 23.60% fibo retracement level which might act as resistance.
If S&P open below red downward trendline and green upward trendline, then adopt shorting strategy.
BankNifty looks strongly bearish and 19500 is likely to test soon.
Trend is down from daily time frame to 1 minute. So, I will wait for pullback just to enter a short trade unless it breaks blue trendline.
For the time being, 21000 is the crucial resistance level and 19500 will act as support.
Check out the Blue downward trendline which may act as resistance and...