DXY is showing signs of reversal. It formed a rising wedge which it broke out of last week. I have 2 areas of interest marked out. Fridays candle had strong momentum and closed as an engulfing candle so there is a good chance we could see a push up past the first AOI before coming down which will also give the 3rd touch of the upper trendline. Will be watching for...
EU made a nice push to the upside as expected (see previous EU Post). Looking for the continuation here to go long. Will be keeping my eye on the structure level & trend line marked on my chart for any signs of rejection to enter a long position.
Gold broke out of the falling wedge as predicted with strong momentum. I will now be waiting on the retrace and looking to get into a long position. AOI at the moment is the broken structure on the 4hr TF marked on my chart.
Price has broken out as i expected. We now can look for entries here. We have a break of the outer trend line and now can properly place an ascending trend line, we also have structure. Daily TF is still bearish but 4H is now bullish and i beleive we will be heading upwards. See previous ETH post for what i was anticipating.
Gold is just consolidating inside this wedge this week ahead of FOMC. There is a good chance it will consolidate until then. I am still favouring upside for gold at the moment nothing has changed for me. Still inside the wedge and it could continue down to the outer trend line for a 3rd touch. if it breaks the outer trend line i will be looking for sells
Looking for a 3rd touch of this ascending channel/wedge & rejection of the outer trend line to enter a short position. If this does not happen or we miss it we will look for the break and re test of the pattern which would be the safer entry anyway
As is stands i am expecting the DXY to go down (See previous post) which means we will be looking for XXX/USD Longs. Here we have EUR/USD which is at a AOI for me, its forming a falling wedge along with the DXY forming a rising wedge giving good indications that we could see a reversal soon. I have marked out 2 Long scenarios here.
Risk entry will be the 3rd...
DXY looking like its slowing down after the impulse move to the upside. Now forming a rising wedge and close to a AOI. Favouring downside for this but neutral at the moment waiting on clearer confirmation as to what the market will do to give us the highest probability trade.
Will update during the week.