The break of the descending trendline and above the 865000 resistance (could turn support) has hinted a bullish takeover. If price finds support at the 865000 level (thus forming a Higher Low), this would signal a potential long opportunity.
Tp 1: 595000
The break of the descending trendline could indicate that the Dow is looking to recover from its 5-day loss (since last week Thursday). The 32600 Resistance (now support) is being tested for the second time, thus signaling a potential push to the 32800 resistance level.
The Dow has broken the ascending trendline and is now retesting the 33000 zone (previous support, could turn resistance).
The strong bearish pressure coming in indicates a potential push to the downside.
Tp = 32680
A potential short position awaits at the 87.225 zone (broken support, could turn into resistance).
However, you do want to wait for the market to price in the JPY Inflation and Interest Rate print to make an informed decision.
- Should the precious metal fail to slice through the 1710.00 critical zone, a reversal at the zone could present a potential short position.
- Target = 1680.00
- Should price break above the 1710.00 resistance, a retest as a support would signal the prescene of bulls thus presenting a long opportunity.
- Target = 1759.616
Higher timeframe momentum is bullish.
However, price is hovering around the fresh 150.400 supply level. Should price reverse from the bullish trend, this would be an indication of bears looking to take over. A break of the ascending trendline and a retest at the 149.65 level would signal a push to the downside. Target 1: 149.000 ; Target 2: 147.400.