I do believe it might be the bottom also think it may take some time to consolidate here ( week, month or maybe two months ? ) but if thats the case better alcoin days are coming. Looks like it might be good time to start accumulate ...
Bullish scenario will be cancelled with two consecutive daily close below 0,0185
Recently gold is moving in a range without any direction around our supply zone but the most important part of the story is that it's respecting the downtrend line starting in February. The main reason for a rally currently is the shaky situation around the US-China negotiations, the higher tarrifs kicked in tonight while the meetings with the Chinese delegation...
While the supply disruption caused by Iranian/Venezuelan sanctions and Lybian civil war were the main drivers of the rally at the beginning of the year it seems that the fundamentals are changing. In a few weeks from now the OPEC members are deciding whether the agreement limiting production will be extended. Although Saudi Arabia has an interest to keep prices...
The current rally in crude oil is clearly supported by concerns on the supply side. It is the combination of missing production from three large producers: Iran, Venezuela and Lybia. While OPEC was also trying to support prices by the production cut aggrement the US production reached new all time high at 12.2M bpd. It's not surprising that Russia came out with...
Looks like temporary dip been created so market may want to looks for some stops to the upside.
I would like to join that journey by trying to buy dips down towards 1230 and below with tight stop under Friday low with 1,1280/1290 as first possible target
From the daily chart perspective bulls got the chance to try to move back at least towards 1,0550
RBNZ dovish, so upcoming RBA if neutral stance should be enough
US China trade war
AUD Annual Budget Release
Buying dips towards 1,0380/50 with stops below 0340. First target around 1,0550.
Bulls got huge problem to take out 1,33 for good, sellers are very active and its not different this time
So retest of 3295/3305 as selling opps, possible target s visible on the chart, stop above 14 GL
Bulls trying to hold above 1,13 and thats positive development.
Daily close above may open 1,1450/1550 ( levels close to the top of the channel )
On the other hand daily close below 1,13 will cancel bullish scenario and may expose 1,12 ahead of psychological 1,10
Overall im still AUD bear but to be honest I do respect current PA and defense of 0,7
So, if I cant move the mkt will try to join ( and then will look to sell from higher lvls ;) )
This bullish scenario cancelation iwth close below 6980 which may expose 68