Confluence of Fibonacci 38.2% and Demand Level on XAU/USD
Three years ago, the XAU/USD price was sitting at 1375.00 zones and dropped to 1120.00 zones.
During the last three years, the price retraced to the 1375.00 zones, three times. But it didn’t succeed to break this resistance.
Yesterday, the price reached that resistance again, but this time it broke out...
The counter is in a bearish cycle.
The wave 2 was a deep correction, retracing almost to the origin of wave 1.
So, wave 3 is a strong wave and it hasn’t completed its formation.
The critical support of 0.68803 has been broken recently and it was tested with a pullback as well.
It offered and nudged back the pair to create a new low.
We expect the counter has legs...
Be carefull with FX:EURUSD. Dont buy early.
The 1,12900 resistance work very well today.
We are still waiting for a breakout confirmation. A big bullish candle crossing the 200 EMA will be a perfect signal that buyers are coming on this pair.
No need indicators to trade, only price action.
Be simple in your plan.
What is you toughts about FX:EURUSD ?
Following EURJPY make great moves in the last 24 hours, I am looking for the pair to head higher
The pair have now retraced to dynamic support which was resistance. (in the down trend on the left picture)
On the right picture I have dropped down to alower time frame to show where I would be looking to enter if it starts to cycle higher and a bullish...
Strength in the chart:
1. Bullish signal
2. Testing the gap
3. Line Change with volume
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock
The counter was in a consolidation mode after a steep downfall.
It consolidated in a triangle wave and has now broken out of the formation with an impulse candle.
Hence, we expect the pair to head south from here.
price is testing the 137.00 4HR intraday area of resistance created by previous swing high if this area is sustained, seen by the spinning top which was formed on the 1Hr candle, we could pull back and retest the Weekly trendline, this is also in confluence with the 4hr trendline acting as support, then we can expect a more imminent drive towards the 138.00 key level.
The fed has conveyed its intentions, so the bulls are in full form in the counter.
The pair has just completed its one full bull and bear cycle, which we expect it to be a 1-2 wave.
Third wave which is the longest among the cycle of the waves has commenced and we expect it to clear the high of 1.13400 and navigate further.
Hence, we maintain a bullish view on the...
I wanted to post what I was looking at, any feedback is welcome and encouraged.
I believe that this has a high chance of playing out to at least 9962
Let's see how this goes..
Please drop a like if you got any value from this or if you agree with my view.
I am looking to get in to GBPUSD
With a weakening USD and GBP gaining strength dependant on sentimental short term views, i think that price will retrace today back into the 50% to 61.8% area of the Fibonacci region highlighted within the picture.
Price could carry on or only retrace back to 38% area, however we will look for buy signals at these...