Based on previous structure, and s/r levels, I have decided to go long on the XAU/USD for the next week. We are seeing a quieter market in August and fundamentals have not changed for gold. So I would be expecting XAU/USD to stay in its current structure, and move back to it's highs in this sideways market.
TP = 1353.00
SL = 1328
Based on previous support and resistance levels, I am shorting WTI Crude Oil. Additionally considering that the fundamentals for this commodity have not changed significantly, and we still have over supply.
SL = 45.00
TP = 40.00
R/W Ratio = 7.47
Just sharing my view for the next few weeks...
From what I am expecting is that the GBP/USD will consolidate in this 1.40-1.435 zone (unless there are some new fundamentals, and with Brexit 2 weeks away I will not be surprised. This is the zone I am looking to trade the GBP/USD in, until it breaks out either way.
Anyway, expect lots of volatility next two weeks. This week is also a big one, so anything is...
Short until 110.7 !! TP = 110.7
Then afterwards long until 112.3 as then it will hit possible support level.
Of course this is only technical analysis, watch the fundamentals this week as April 28 is important for the JPY, so lots of volatility expected. Trade safe.
Looking at some support/resistance levels, waiting for the continuation of the downtrend amid all the Brexit controversy. Split my position into two, one closes at 1.4085 and the other one I will wait to go to 1.385. Eventually looking go down to the 1.385 levels, even as some predict to 1.36. Simple trade, newbie here.