The stochastic indicator shows the market is about to be overbought and also the bollinger bands are beginning to contract
which means low volatility, and a rapid change in the momentum of the market
Wait for the price to hit the resistance level at price 0.98128 then place a sell position
Gold is currently consolidating in a symetric triangle
There is also an obvious bearish head and shoulder pattern, be prepared for a sell postion
Wait for the price to break the neck at the price 1890.770 of the H & S pattern before shorting the market
Following an uptrend is the downtrend. The 2 EMA's confirms the continuation of a downtrend .
Also, the fibonacci retracement hit the 0.618 special level of the fib chart.
We have to wait for a breakdown at price 1.17058(potential support level for an extension of the retracement) for a SELL opportunity
OR we wait for a bounce back for a BUY opportunity
The EUR/USD retraced it's price movement to the resistance level at 1.17493
It also made a little consolidation and i also reckon that the formation of a head ans shoulder pattern
This could be a very good opportunity to place a short postion
Patiently wait for the price to pass the neck line of the head and shoulder pattern at price of 1.17148 to sell the pair
The USDJPY has reached a strong resistance at 104.300. I reckon it might form a bullish W-pattern, buy at the neck of the formation at price 104.550 which was also a former support level. The stochastic and the RSI also shows region of nearly oversold conditions
Happy Trading and successful week
Consolidating in a descending triangle.
Right now, it's heading towards the support that turned resistance level at near 0.5 Fib level
From there, it might retrace back to the triangle support level and break out