Fib predicts new highs. Will wait for daily close to enter
We have evening star on the daily, given the daily closes like that. Bearish engulfing has breached the ctl coupled with crossover And H&S formation on the 4hr I do think gold will find support and then appreciate
Confluences for either outcome however my favoured direction would be longs to -27 fib create new LH/ 3rd TL bounce and then savage decline & rupture 1.05 once and for all. Lets see
i feel this is a neater version of my cable analysis. with the MA'S crossed to the upside on daily and 4hr and bullish price action more recently, i feel a b/o to the upside is very likely. however if price is rejected by that key level, i will be using trend lines & s/r levels as target for a bearish position.
bullish behaviour on the audusd i used elliot wave& fib to determine a potential target on the upside will wait for weekly res to be broken before entering whats your thoughts
There are technicals for either outcome to go off from my analysis here on the USDCAD Daily. Given the monthly support rejected price aswell as the top channel rejecting price for a 3rd bounce, gives me an incline a B/O seems pretty natural and potentially to the upside. however with all MA'S crossed over to the downside on all higher TF'S & bearish engulfings...
using fibonacci & elliotwaves to create a simple target. BREAKOUT expected and entry to be executed once price rejected from key fib levels.