scottnereus

scottnereus

Still looking for risk to fade , buyer of JPY/XXX. Range play on EJ from the technical standpoint

scottnereus

Head and shoulders formation taking effect with a broken neckline, price has rejected from the weekly support (successfully closing above on the daily TF). Downside risk will be dependent on geo political risk , this affects the flows towards/out of the Swiss Franc.

scottnereus

nice basic rejection off the of daily support , very nice extreme bullish reaction as represented by the wick. there is good buying power around the support. the dollar index is coming off of a monthly resistance , hence supporting the bullish vision i see for this pair in the short term. please also check out my telegram channel: t.me

scottnereus Updated 

price has re entered the channel , if it pushes up , we will likely see price coming to the red TL before dropping..

scottnereus

expecting gold to touch the upper trend line one more where it will be a break our bounce scenario indicated by the 2 blue arrows

scottnereus

price has rejected off the top end of a bearosh channel, i expect it to now drop towards the arrow zones.

scottnereus

Considering the dxy analysis i have posted prior to this post. If the dxy used that zone as a support (refer to the dxy setup) we should see gold drop to around the o.618 level , where there is a preious strong resistance. ideal area to also go long if we see good rejection around the 0.618 fib level. telegram: t.me

scottnereus

At the current time of typing this the dxy seems to have found some temporary support. it may gather enough momentum to test the upside channel trendline however we would need to see at least a daily/strong bullish h4 close above the resistance to confirm it is now a support for this index. alternatively if we break below the current zone there is definite scope...

scottnereus

this pair has currently bounced from the trendline you see in the chart. it is very likely to pick up enough bullish momentum to retest that upper major resistance once more. moving averages on the lower time frame are changing direction and price has currently come off of the 0.5 fib rejection level. telegram channel : t.me