After breaking through the short term resistance at 1510, as expected it came back down to turn the resistance into support. The hourly candle closed bullish after retesting the new support at 1510. In the coming week, I'm expecting gold to test 1600. Gold since April/May has had a very strong bullish momentum, taking advantage of the dollar's weakness. With...
The Euro has not been in good shape for some time now. A set of bearish harmonics has formed on both the daily and the four hour chart. After the down momentum started, it reached the 382 fib and just as expected, it rejected the 236 fib on the retest. Now the euro being very weak, we can expect to continue the downward momentum to the 618 fib and TP would be 1.6030
With the expectations of a rate cut to the US dollar, a bearish harmonic, and a double top rejection at the 382 fib on a daily pattern, the momentum downward on UJ almost looks inevitable.
Before the move up, there may be a short down to use the .236 fib as support. Afterwards, the move up should complete a head and shoulders on the D point of a bullish butterfly harmonic. Take Profit 1 is between the 0.5 fib and the B point of the labeled harmonic.
There is also the possibility of UJ going higher up eventually to retest the weekly resistance on...
With JXY expected to get stronger and ZXY expected to get weaker at the same time, it makes perfect sense why this harmonic would be satisfied with a downward move to the take profit at 71.28(0.5 fib). Furthermore, there is a potential double top forming at 72.28.
This chart is being posted a week late but entries should have been placed on the retest down to $0.36 after it broke above the head and shoulders. The first target take profit is at the B point of the bullish bat pattern indicated on the chart which falls around $1.00.
With the rumors of PM Theresa May's resignation becoming a reality last week, the future of the pound is looking a little brighter. GPB/USD has reached a level of weekly support and should be retracing back up. My target is 1.2960.
Ethereum might have started to build strong upwards momentum. In the coming days and weeks, I expect it to reach the .236 fib and that would be the first take profit zone. It could potentially go even higher, so keep an eye out in the coming weeks.
Although, I believe that CADJPY will be gaining strength long term, I think that it should be retesting the region between 82.70 and 82.50 which falls on the 0.618 fib. Aftrerwards, you should expect to buy in at that same zone for a potential completion of a weekly head and shoulders going up. The zone would be the tip on the right shoulder.
Gold retested a key level at 1280 last week and closed at 1298. It completed the pattern and should move back up above 1300 this week. I believe a strong momentum upwards should bring the price to the first take profit zone at 1320 which falls on the .618 fib. The second take profit is 1340, near the last high. If the strong upward momentum continues and the...
As discussed previously, the value of the American Dollar is expected to fall in the coming weeks and months. On the other hand, the notion of a "No Deal Brexit" supports the belief that the British Pound may be getting weaker. However, despite the political and economic turbulence that Great Britain may be facing due to the idea of a "No Deal Brexit," the...
With the value of USD going down in the coming weeks and potential months or even year, the value of gold should reach the 1352 mark. A break above the weekly resistance around that point could result in a strong bearish momentum up into the 1400s