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%)
After a sequence of patterns formed between the weekly fractals, forged at 0.74138 as resistance, and at 0.70061 as support, Aussie is now approaching the monthly resistance formed December 31 at 0.70320.
One technical double top reinforced by the monthly fractal as resistance forged at 102.99 - The pattern requires validation below February lows (88.25) and it should target the 200% extension below (75.87), converging with the major 88% fib retracement level and the previous structure lows from 2011;
The inverted head and shoulders ( as a trend...
Normally we search for the golden fib retracement after a double bottom or a double top forming the 2618
Let's see how the price will behave after one inverted head and shoulders, followed by the 61.8% fib retracement.
We expect the pattern to form one symmetrical ab=cd pattern above the weekly fractal support at 23.37, also the default target for...