Chart says everything, this pair follows 2 same geometrical moves in the channel.
If you missed entry at the bottom around 1.076, wait for a correction, the trigger long for target around 1.088.
Another scenario : buy the breakout around 1.0825
I expect more bearish movement. Due to high risk events this week, remember to reduce your position.
Geometrical entry zone + 0.5-0.618retr
- 0.7428 (D point of bullish butterfly)
Fibonacci point of view:
Marked important Fibo cluster levels.
Watch for price action around 115.05. It may reverse there, if so, keep in mind it may fill the crab patter, so manage your stop wisely.
Alternate setup: sell the 1h trendline.
First entry zone : 1.0865-1.088
- 1.272XA + 0.618 retracement (fibo cluster)
- Bearish divergence
After correction move, we should see another upward move toward D point of bearish crab
I will post updates.
I expect more downward move on gold in the coming week.
Try to enter around 1236-1239 area.
Target 1212-1216 zone (0.618retracement + 1.618+ 1.272 + 2.618 extension and harmonic pattern).
Looks for price action and divergence for entry confirmation.
Red box is important SR zone and incredibly strong FIBO support area.
Please refer to my previoys xauusd ...
I will look for a sell setup in 1.272-1.618 area
Bearish divergence on RSI 1D chart, also seen on 1week chart.
Safe plan: Sell the trendline breakout after consolidation.
- Gartley completion + 0.618 retr
It's short term trade, and risky one, so use your money management wisely.
Keep in mind possible AB=CD correction.
Trade with your own harmonic patterns strategy.
2 potential harmonic patterns. Looks for price action there. It's part of my previous analysis.
AB=CD worked out very well. Market reaction: around 35 pips.
I still expect trend midterm trend reversal there.