Gold prices have formed a Descending triangle - a pattern with bearish bias.
Prices have very much respected the sloped line from where it has moved downwards and horizontal line from where they have bounced.
so assuming - if the textbook pattern is successful then here is what I think it could do...
If price breaks the horizontal support line, we could see...
Characteristics in favor of trade:
1. Triangle breakout.
2. Higher High, Higher lows.
3. Bounce from previous Fibonnaci levels - Rectangle box - 1, 2,3 are .38, .50 & .786 respectively.
Rectangle 4 is 1 so, we should see some retracement to this level and then a move up.
4. Good Risk Reward.
1. Price may not retrace from a to 4 and just go...
Favorable to Short Term trend:
AUDUSD has constantly for past few session rejected .76639 levels.. so assuming if downward trend continues from partial rise..
A Pennant formation - breakout confirmation from here (another long red candle below pennant) should give us a measured move to .75553.
Red dotted lines are Resistance level.
Green lines are support...
BTCUSD - becoming volatile. Hope it fluctuates between the purple lines and don't fall to the extreme red.
The BLUE lines will serve as Support and resistance level if downward spiral continues.
From my previous posting, I was expecting it to bounce from 158 level which it did.. and now again, over a period of time, it will give us a good shorting opportunities.
Depends on Geo Political, OPEC, Fracking, Shale, tar and all various means together. 60 may act as resistance level and if downward spiral continues which is - oil may reach those dotted lines.. and in extreme case below 40.. Time will tell.
GBPJPY may form a falling three pattern provided the current bar doesn't close above the big red bar on the left hand side... and next 8 hr bar is red.. then there is potential that GBPJPY will go to 185 and 183 respectively.