Price managed to climb back above the Median Line of the descending modified Schiff Pitchfork, plus it is holding above the major trend line.
Disclaimer : not intended as investment advice, only for educational purposes.
Here is the 2 h chart ----- If we look additionally at the daily chart ( old highs ), then 3400 is roughly the key level of last support. There was no signicant buying yet, on the surface because of financial support measures due to COVID, but I think it is general risk-off due to upcoming elections.
All eyes on the Nasdaq and QQQs this week, as any impending reversal in the Indices this month has to include the highflyers .
I additionally expect some DXY US Dollar strength to materialize soon, so be careful with GBPUSD and EURUSD long positions........
The USDJPY will only show strength when the US Dollar weakness is ending. Here we can see how a dip into this 107.00 area shows renewed supply. But my expectation is that this is done to remove the supply from this area deliberately - if there would be real selling going on we would have seen strong continuation moves to the downside. The real sellers might have...
Highly speculative ( and not to be seen as financial advice ).................. :
Look at this overall structure - it looks like a very wobbly inverse Head & Shoulder pattern.
Now look to the left of this structure, and how sellers were selling again and again at these supply levels, in the end driving price down.
But then look at the spead and momentum angle of...