Having taken a long position for a long-term trade, I feel a bit suspicious on this decision.
I came to read an article noting that the gold miners would have been well prepared for a decrease down to 1120 level.
They might be, but I am not actually prepared for this financially .
On the other side, speculative short positions already equaled long...
Looking at EMA lines, an EMA10-EMA25 cross is forming on daily chart with a nice double basing.
Downtrend formation seems to be broken on the daily chart (not on the weekly yet) and price approaches EMA50 for the first time since 1300.
RSI is about to break 50 in upward direction.
Stochastic is moving up with a strong return around 50.
Momentum indicator is also...
Buyers' appetite just above 1300 is not enough to push the price further up.
Wait for a sharp downward move to ~1280 (break below the 1295-1305 support) to buy for a break-out above 1365 resistance.
I expect a testing of 1400 - psychological level shortly within this year.
Need to watch whether buyers would be able to hold 1.2100 (which seems to be a baby support).
No critical event from USD_side this week, trend may continue further if price bounces back from 1.2100 level.
This week’s close around 1.2200 was a new higher high above September high level of 1.2100. This is a long-term bullish signal unless it is a false break-out.
1.2200 level is critical as:
- It corresponds to Fibo 50.0 retracement level (of 2000-2008 rally)
- EMA100 & EMA200 are aligned horizontally, and are very close to each other. Price is testing to break both...
EMA25 and EMA50 approached each other. This morning’s sharp move was the reaction of the price against EMA25-EMA50 cross.
Need to watch the intersection point:
(1) If EMA25 crosses EMA50 downwards, price to move down to EMA200 around 1.1880
(2) In case EMA25 bounces from EMA50, uptrend resumes to test 1.2100 once again
Bulls are pushing the top 1-week resistance line to break above, below EMA50 is the support.
Rising wedge formation is ending as bitcoin finds new buyers each time at a higher level.
A break above the resistance might trigger the next spike.
1.1850 was critical yesterday, and the price bounced back from this level down to 1.17s.
An SHS_top (1.1720 -1.1850 – 1.1960) shall form in case today's selling interest drags the price back to 1.1720.
Both FOMC statement and Yellen speech was encouraging in my opinion, but the market seems not satisfied with these.
Technicals are turning a bit bullish (maybe the payback for bad US CPI_figures).
1.1850 will be critical today. A reaction from this level may drag the price back again to 1.17s, or further buying interest might lift the price back to November highs...
Market seems indifferent of bad US CPI_figures, which was already priced in. Price struggling just below 1.1760.
The focus is at FOMC meeting.
Although she always disappointed me in the past, I really expect a “JANET SHOW” this evening.
Good luck to everybody….
1.1730 was reaction level as expected. I wait for further decline down to 1.16s till Wednesday. Below 1.1850 is bearish in my opinion.
It will be a “super Wednesday, as we have US_CPI data release coupled with FOMC statement in the evening.
I think the outcome of Wednesday will roughly tell us the end-of-year scenario.
It shall be a week of remarkable...
MA200 (daily) and cycle low (of 2017 rally) intersection support was broken last week, and the price extended down to 1245 again.
Having declined $50 a week, the price action is too stretched now. A correction seems to follow before the next short opportunity.
Also to be noted that the break might be a “bear trap”, break not confirmed yet.
I booked profits for...
Price declined back to the 2-year channel bottom again, which completes (abcde) zigzag pattern.
This point also coincides with 78.6% Fibonacci retracement level of 0.7330-0.8120 uptrend (May to September rally).
If channel bottom support is broken, this will be a confirmation for a strong bearish flag formation.
From a fundamental point of view, AUD_ is under...
Following the EMA line series:
EMA25 – EMA50 cross pushed the price down to EMA200 level yesterday.
Now it seems that EMA200 line is being broken, but not confirmed yet.
Today we have Draghi speech, during which I do not expect to hear anything new.
Following yesterday’s ADP NFP figures coming “above expectations”, USD_bulls were motivated for tomorrow’s NFP...