After last weeks bullish momentum which failed to be stopped at 1.13220 zone as anticipated ... we took a sucker punch and resulted in some few pips loss ... currently the bear seems to be resuming and i still expect this pair to go further down ... a candle closure below the 21 SMA and 11 EMA will confirm this set up
The down fall continues ... 56.80 will be my take profit ...then week can expect so strong bullish ...but will wait for a strong rejection... for now i'm all way in to 56.80 zone .
if we close with a a doji today will be looking forward to sell to 1184.30 zone ... a closure under 1225.30 key level will seal the deal for me...but will have to break 1216.30 zone...to jump in
last week we saw buyers coming in with big intend ... resulting in 14.230 zone failing to hold ... but this next 5 trading days i anticipate 13.580 to be achieved ... but will see how it plays out.... as the is still momentum to the up side .. just waiting for a good engulfing candle closure or a closure under the 11 EMA to jump in .
EUR has been holding its own against USD rally ...last week we saw USD failing to break the 1.13030 zone... this week i anticipate a pull back to 1.13530 support ... if that play out my bias remain bear to 1.11170 zone.
USD is on a rampage... taking out every resistance on its way ... last week we saw 70.20 zone taken out easily ..61.20 zone is at hand now but will see if our minor resistance will hold at 66.70 zone...
Silver has broken out of the symmetric triangle ... with that in hand i see it dropping further to 13.570 zone if the minor resistance fail to hold 13.130 major resistance will be met ... but will see how it play out ...
Foundation range broken ... this week i expect Gold will form new low at 1187.80 zone first ... possible break to our major resistance 1160.80 ....
The is a possible double top on the making , when gold is viewed from monthly perspective. The are few thing which i have noted supporting this idea , 1. the month trendline has been broken 2. the foundation of the DT indicates a trend engulfment 3. second trendline has been retested at 38.2 fibo retracement 4. momentum was gained...
adjusted Tp1 to 14.220 zone as i have noticed the is less momentum to break though the mentioned zone but if the above mentioned zone can be taken out 13.830 remain ur weekly target...as it stands its 50/50 chance that the triangle might hold.
adjusted TP1 to 1215.20 zone as we seem to be struggling to push down to this mentioned zone... my bias remain bearish... this range will break out t the bottom side
currently it seems we trading between 1.14270 zone and 113270 zone ... the previous mentioned take profited might not be reach this week as we still stuck in this range and the revised tp is 1.13270 ... but if this zone can be taken out by this week we can be interested on the 1.11680 zone trade
Silver has started trending down finally after finishing its foundation phase the past week by rejecting at 14.950 ... now i expect it to start making new lower low... 13.811 is my weekly target .
This pair is clearly trading below our 11 EMA and 21 MA.. which clearly suggest we still on good down trend ... last week we have rejected at 1.14580 zone forming a shooting star candle.. my bias remain short to the previous mentioned 1.11680 zone ... i anticipate USD to strengthen ahead of the interest release, which i believe will remain the same causing this...
well last week we saw usd pushing gold down to 1212.80 zone as anticipated...and the pullback failed to stop at the 1225.20 minor resistance as indicated on previous chart , which pushed us up back to the 1238.20 major zone ... where gold clearly failed to break again ..i stated last week that we have start a weekly elliotte's wave 3 ....while further analysing...
Now Gold has shown that its going down down and down .... we have just started a weekly elliotte's wave 3 ... which could be very dangerous to any bull weekly traders ... a clear break of the 1212.20 zone will indicate a lower low confirming this downtrend .
personally i believe the is still more room for USD going strong on EUR... 1.12720 is my overall weekly target .... from there will watch the price closely for any strong bull movement to 1.14620 zone.