About meOrion FX implement their extensive knowledge and experience in the financial markets to provide expert analysis to the retail market. With a background in institutional trading, we now provide our research services to the wider market.
Over the last few days GOLD is forming a nice upward channel, with the general market consensus that investors will be moving out of stocks, options and U.S Equities leading up to the U.S elections, backing a gold rally seems like the obvious choice...which ever way the US election goes. Fundamentals support this, and from the trend channel and levels, we like it...
EUR/GBP - We have taken a short/sell position just below this trend line. We can see the steady decline of the pound over the last few weeks. We expect this continuation and for the bears to continue with the selling pressure.
A clear short term resistance level here with the price struggling to get through the key 1.30 barrier. We would look to take a sell order off this level for a few hundred points. If it breaks 1.30 aggressively then close the order off.
Watching gold fall off the high over the last few days has been interesting given world events. On the intra day basis there is some clear support around this level. We will be watching closely to establish a reversal and once confirmed taking a long entry back to the top of the range.
Here we have a wedge pattern with a break out due, we believe the pair will test the trend line , retreat back to the base of the trend and with US soon to have a response to its weakening position a sharp break up. This is a weekly prediction.
We can see the price rejecting this area several times over the last few weeks.
The pair had also been rising at a steady pace for the past 2 - 3 days, forming an ascending channel. Bears will be looking for this channel to break to the downside as a signal to sell, now that AUDNZD has reached the light HFT selling pressure zone.
Bitcoin is at a point where a further downtrend would indicate that a strong correction is unavoidable in the upcoming months.
Bitcoin is vulnerable to a deep pullback because of the historical significance of the $10,500 price level. Every time BTC has come close to rising above it since the third quarter of 2019, it has rejected to below $7,000.
Here we can see cable reach a strong resistance level and forming a double top. Although the state of the current economic climate is unpredictable at best, after the last 14 days of bullish bars a correction is due. With buyers cashing profits, a response from the US and perhaps some more Brexit talks, a pull back to the 1.26/1.27 is definitely a likely prospect....