Oil future price still in search for a bottom. currently in a trading range characterised by bull traps. look to take pull-back into 21.03 after clear break.
DXY index Analysis:
Macro-> over-bought market
fake-breakout from 95 to 103, initiated by a bear trap, following a consolidating range.
Micro->price traded towards 103 into monthly resistance.
back to bearish downwards channel.
Sell setup:
entry at 101
stops at 101.91
1st target 100
2nd target 99
3rd target 98.50
DXY index Analysis:
Macro-> over-bought market
fake-breakout from 95 to 103, initiated by a bear trap, following a consolidating range.
Micro->price traded towards 103 into monthly resistance.
back to bearish downwards channel.
Sell setup:
entry at 101
stops at 101.91
1st target 100
2nd target 99
3rd target 98.50
Weekly chart, P.A suggest rejection into monthly resistance. 2 inverted hammers on above average volume.
daily chart, RSI broke major 60 days support. Also price below a defining trend line indicating bears taking control.
240min chart, broke a 3 day trend-line and closed below weekly resistance. bears in control.
60min chart, suggest sell upon break of 1486.7 and...
daily chart P.A suggest sellers are into the market, reflected by rising volume on the rejection into resistance.
240min chart RSI suggest bullish divergence, which already reacted to RSI resistance.
60min chart S/R suggest look to join the sellers upon the break of 2993-2990. if it holds then bulls will go for another run up.
1524 is a key number for this week. Weekly candle close above indicates the bulls are still eager and correction will be short lived. Weekly candle close below indicates supply is stepping in and a correction all the way down to the 1460 would be expected. All in all Gold is in a strong bull market. a fundamental catalyst of reduced economic uncertainity would be...
Safe haven yen is seeing some serious demand in a hurry indicating for any reason or another global uncertainty is picking up momentum. for big firms the yen is a 'safer' haven than is gold.
BTC bears have lost control for this round.
BTC bulls step in to take the wheel with the attempt to tag and hold inside the bullish channel (green lines) for an upside confirmed reversal.
200 EMA is first key resistance to the upside.
Failure of lifting price by bulls will take us back to the bearish scenario with extra confirmation.
Out of the market until...
Fundamentally bullish for Gold, mother of safe havens. Trade War, global economic slowdown and big size demand from many central banks. Fundamentally + technical demand > technical supply.
