Ascending triangle condensing the range, since the preceding price action is bullish a violent move towards the upside as it breaks short stops expected. It is likely that the gains will be retraced though in the 9500 - 9100 range.
CMF looks a bit overbought and BB% shows drop in strength, price action also suggests that we see lower before we see higher. Retesting the yellow line / previous support would be a conformation of bullish bias.
Good hold around 8470 - 8500 area, double top around 8920 (coincidentally or not 0.236 fib). R:R looks more favorable in the current range towards the downside. Bearish ichimoku cloud above also confirms.
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ASX is reacting too, to get in on the downward movement we have to be a bit more patient...
I see 4 setups with similar R:R, in the order on the chart:
- long from pullback (aggressive)
- short from resistance (almost as good as a long play)
- long from previous support (probably safest bet)
- breakout play (aggressive)
The flash crash was not as bad as the last wipe based on volume. Upwards momentum is still good we are in BB upper range on the weekly. Daily momentum indicators are also crossing zero upwards. Recent bearish momentum is going to be dealt with in the 9925 - 10000 range then we will see if 10250 turns out to be unbreakable or not ...
On macro level Gold is +1% in...
Price is below all Ichimoku indicators and below cloud. Money flow is negative on multiple timeframes D,W,M even the smoothed average is flat at best. Ichi is starting to turn bearish on the weekly as well, only looks trending on the monthly still. Wicks on the weekly with an inside candle is usually continuation. Dashed levels are from monthly ranges. First...
Compare some major asset classes (USD, Gold, Oil, S&P500, Nasdaq, Russel, 30Y Treasury yield, Commodities, and ... BTC) over the past 20 years. Scroll the graph to make the starting point on the left a different point in time.
While the week had a strong bullish theme the second test of resistance has failed for now, also there is a notable risk theme divergence between currency and stock market strength - potential double top setup. Coronavirus, market sentiment, fundemental data release - see how the market digests. While AU exposure to Asian business is higher than the US and ASX...