Price bounced at 50% level which is also a very high confluence area for a reversal. Currently price is being rejected from the currently 50% zone of the cloned reference range. I still believe there is accumulation going on and next week we will be ready for a move up out of this zone
50% level was hit andrejected. 4h TF is losing steam ever so slowly.
I just went back to an older EU chart that i hadnt updated in a while and just noticed i had a Tl where it bottomed out on friday interestng stuff!
I cloned the whole entire UJ weekly range from last years top to this years bottom in to 1/4 levels then i proceeded to break each 1/4 level down into another 1/4 level. This is the daily view of those levels and I feel its quite interesting and amazing when you look at how price has reacted to each of the levels. Most of these levels of support and rejection...
A clean break on .75683 we should beable to get to .75914 and a break above .7614 we can get .7636 A clean break below on .7524 and i think we should see .7490-.7509 Keep in mind the daily 200ma is sitting at .7508 and also the H4 1200ema (both at .7508) and the last time AU managed to hit the H4 1200ema there was a violent bounce. I am currently long from...
Last week it false broke up and this week it has closed below. Bears were a little stronger this week, just like how Bulls were a bit stronger the prior week. One thing to note is this week was a heavy news week (due to elections etc) and remember, news is temporary and often times gets reversed
Details on chart This is also one of the best carry trades out there.
FIrst red line would be the first short, but the next 2 red lines will be the best places to short. The latter 2 red lines have been proven to be good resistance and I don't want to say its not entirely impossible to break and close above them, but I feels the odds are low given the current state. 4H chart and daily still has some room to go up, so I would hope...
I was bearish or a bear until what has happened in the past 12 hours. I am casually adding longs now and what better place than a 618 and tl bounce
.9660SL since the all time high is not far from here, could be a triple top