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Gold, now trading below the major support forged at 1764 and approaching the bullish butterfly pattern completion point projected at 1711.
The pattern, if formed, will suggest a bounce towards the daily fractal resistance positioned at 1816 - the 38% fib (+6.15%)
For GBP/USD we are currently sitting on a very strong support level and we do expect the price to reject it and continue it's move to the upside and reach the 1.40 Price. We have a Daily ascending channel and we will target the upper trendline for our long position and then we can look for other opportunities afterward. For the time being from a COT data...
Quick comments in this analysis.
I tend to find just looking at the direction the ema ribbon, or red 20dma is an easy way to tell the underlying trend. Clearly it is still bullish.
I was wrong in the latest TA on the S&P 500 I posted. I foresaw a drop through that ema ribbon that did not materialize. That next week...
I have a definite short bias at this point, right back down to the weekly ema 12 around 22,000 - 23,000 would be lovely but lets see. Hopefully a short will setup, maybe the break and retest of that long trendline that it's kept above since 30th Dec and retested on the latest dip.
We are seeing other currencies, and cryptocurrency especially rise against the dollar, but when looking at the USD outright we see a very bearish picture. I would imagine targeting that $89 point as we see nice confluence with other indicators as outlined in the chart.
Currently, price action is at the support zone on the 4hr tf. If we look to the Daily, we can see that the market structure is in uptrend.
If we look left on the 4hr tf, we see that this support zone has not been broken/still respects the zone.
If price breaks and retest then the support has becomes a resistance zone . This means price action will be short untill...
For educational purpose, UC have a strong bullisch moment, market structure is bullisch for the pas days. On the daily time frame we see a clearly a double bottom. The initial tp is the neckline of this.
H1 => SELL
- Structure: Downtrend forming
- Tendency: Downward
- Below support
- Sell: I am already in this trade,
but if the price go to touch the tradeline you can take this trade.
- TP1: 130.65
- SL: 132.70
The USDCAD give us an opportunity to get in the market as sellers.
Do not open any position if the price doesn't closed below the previous candlestick (body and spike), we will be in a better position if this candlestick closed lower and it have a spike at the top.
I will be happy to talk about this technical analysis with other traders.