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With dollar weakness comes possibility for GBPUSD to continue its upward movement or at least testing the weekly trendline. If the weekly trenline is broken then the bias will be Bullish or at least until the MPC Vote
If we look at previous months candles we could see that right now dollar has entered the previous buyer territory. Within this area anything could happen and if it moves lower and broke the previous lowest point then it would be more difficult for DXY to recover its ground.
The price comes at confluence between 76.8% fibs and weekly trendline. We could say that if the trendline broken than the bias will be shifted to bullish. On the other side if the trendline holds then there will be another move down possibility.
If we refer to weekly price pattern then there is a possibility that gold will move lower to retest the 1.2000 area. Red zone will be the most ideal place to place short trade with green zone as the profit target.
Purple line is weekly trend line and it is near the resistance zone so we could expect the price will be retesting the resistance area before continuing its downward movement. Target 1 will be the blue area and Target 2 is the green area