Here we have a textbook example of a rejection candle. We can expect lower prices based on this week's closing price.
WEEKLY: Bullish, with gradual continuation
DAILY: Bearish, signal for lower prices to come
1-4H: Bearish engulfing pattern, lower prices to come
I will fill in short positions and wait for a test of trendline and after succesfull break...
This week we've seen a double bottom formation on gold. I myself was stopped out of a long position. Will wait for confirmation from the market, USD is gaining strength so possibility of downside is present.
Important level for downside is 1235.
Weekly: Reinkes bearish candle, possibility of upside.
Daily: Doublebottom rejection candle
My idea on GBPJPY for the upcoming week, still biased for short on the bigger picture but we will see what the market tells us for the short term. If we close this week over 150.000 that would mean a change of trend.
WEEKLY: Bullish, expecting test of weekly trendline upwards. This weeks close UNDER 150.000 is signaling us that the bearish trend is not...
Good day traders!
EURGBP has been moving in this bullish consolidation corridor for a very long time now. This past week we've tested the roof of the corridor and failed to break it, closing with a bearish daily candle and a clearly visible rejection candle on the weekly level. I am biased for short as this gives me confirmation that the price is...
Scenario 1: We test and bounce off of the 1246.50 support zone and continue to rally up to 1264.00, closely followed by 1289.00
Scenario 2: 1246.50 support fails, we rally down to the trendline at 1237.5-1240.00 zone, successfully retest and bounce then continue with bullish momentum.
Scenario 3: Break of support at 1246.50 and break of trendline at 1237.5-1240.00...
Looking for short positions on AUDUSD this session due to last weeks strong bearish move. If 38.2 fib holds we retest the bottom and monthly trendline at approximately 0.733000-0.735000.
Scenario 1: We go and retest 38.2 fib, get a good bounce and continue downward to test the trendline where I would be looking for long positions.
Scenario 2: We break 38.2 fib...
Expecting a rally at the start of the week due to expectancy of news. Will look for sells at 61.8 fib lvl @1.567000, possible break of correction and continuation of downtrend.
1.567000: Weekly 61.8 fib retracement zone with strong resistance structure
1.538000: Strong support zone
1.480000: Major monthly support
Due to last weeks rejection candle, I expect a rally upward at the start of this session but am biased for short on GBPAUD, looks like a good consolidation period, if we get a good rejection at the upper fib level there is potential for short to 1.720000.
1.8000000- Massive resistance lvl with doubletop
1.793000 - Fib lvl with possible downtrend...
Due to the US biased to raising interest rates we have seen a steep decline in Gold this previous session, with broken trendline closure on friday. At the start of the session I will be expecting a retracement up to the 1284-1289 zone and then filling in short positions if we get a conformation of resistance.
1285-1289- price trend actualization...
GBPJPY remains choppy and in unstable territory. I am biased for SHORT, due to the weekly wick we received after testing 145.000 strong support level, possible sign of downtrend continuation after very good consolidation period.
I am shorting, this week should be a massive week in trend continuation/break. I expect a continuation of the downtrend, but possibility...