Is the Aussie still bearish? could we expect a new low. We have just bounced off monthly Support level. As the trend goes we are still bearish but higher time frame analysis and experience shows we may move into bullish trends.
Simple analysis, still in a bearish trend, counter trend line break, retracement to 50% fib + mijor daily resistance at £50.47 + ctl retest + 50 ema resistance + tweezer tops price action led us into the C leg of the fib. Expecting £42.46 then possibly new lows at $40 a barrel. We haven't seen price this low since the end of the 2008 market crash!!
EJ may have just put in a 3rd touch on the weekly decending trend line. The month of June EJ retraced to the 61.8% fib, will it hold? Last week produced a hammer bar and this week may end as a bearish engulfing with a possible CTL break. Could we see the lows of 126.000 and further down to 119.540?
Gold has retested resistance, together with a retracement to the 6.18% level and also a 3rd bounce on the decending trend line. Friday 21st left a shooting star candle. The next few days we could see the continuation pattern.
Possible short as it looks like a breakout re-test continue. Failed to close above resistance of1.14000. We could see the EUR roll back down to April lows of 1.0600. If we break the green CTL ine then we may see a 4th push back up to resistance.
While keeping the chart info to a minimum, the 7600 support was held since March but has now been broken. Range Targets also tie in with previous key levels from 2006 and 2009! 71400 bound I think for this pair for ow.
Waiting for the day to close so entry may be on Monday, reversal signal off resistance and continued lower lows. Target zones in confluence with previous support levels. ABCD PATTERN IN PLAY, COMPLETION AWAITS.