Market Overview Part 13Me Going Over My Full Strategy In Deep Detail On The Live Markets And Even Placing Trades In This Video
Fibonacci Retracement
BTC undergoing correctionHello everyone, let's take a look at the BTC to USDT chart on a one-day time frame. As we can see, the price rebounded from the upper border of the downward trend channel, and what is more, we can see how the local downward trend line was broken inside the channel.
Let's start by determining the support line and here there is a strong support at the level of $65,372, at which the price currently holds, then there is support at the level of $61,397, the third support at the price of $58,444, and further support at the lower border of the downward trend channel at the level of $54,792 .
Looking the other way again using the trend based fib extension tool, we can determine resistance. However, here it is worth starting by marking a strong resistance zone which the price cannot overcome from $70,105 to $73,515, then there is resistance at $76,267 and then at around $80,000.
Looking at the RSI indicator, we can see how we have approached the place where we could previously observe a change in direction, while on the STOCH indicator we are moving towards the lower border, which may also indicate an upcoming change in direction.
AAPL: Hourly and Daily Chart InsightsHourly Chart: Lower Highs and Key Support Level
The hourly chart of AAPL indicates a short-term downtrend, characterized by a series of lower highs. This pattern suggests selling pressure is dominant in the near term. A key short-term support level is identified at 211.31. The price has recently breached this support, signaling potential for further downside. The 21 EMA at 212.94 is acting as resistance now. If the price remains below this level, it could confirm the continuation of the downtrend, materializing a pullback on the daily chart.
Daily Chart: Fibonacci Retracement and Support Levels
The daily chart shows AAPL’s recent bullish momentum, followed by a pullback. The stock is still bullish, and even a correction to the 21 EMA, or to one of its retracements would reverse its bullish sentiment. The 21 EMA at 201.11 provides additional support. If the price holds above the 38.2% retracement, making a bottom signal above the 21 EMA, it indicates strength and potential for a rebound towards the recent high of 220.00. A break below this level could lead to a test of the 50% retracement around 200.00, and possibly the 61.8% retracement near 195.00, triggering a sharper ccorrection.
Conclusion: Monitoring Key Levels for Trend Confirmation
AAPL's analysis on both hourly and daily charts highlights critical levels that we should monitor for trend confirmation. The hourly chart’s lower highs and breach of the key support level at 211.31 indicate short-term bearishness. The daily chart provide a broader perspective, suggesting that the trend is still bullish, despite the possibility of a correction. Holding above its support levels could signal a continuation of the bullish trend, while a break below may suggest further downside. Monitoring these levels will be crucial in determining the stock's next move.
In an uptrend, corrections are usually buying opportunities if there is a bottom signal near support, since the risk/reward ratio is optimized.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
AMD: Daily and Weekly Chart Analysis.Daily Chart: Support Levels and Fibonacci Retracement
The daily chart of AMD highlights key support levels and Fibonacci retracement zones. The price recently bounced from a double support level at 153.49, which is both a gap support and a 61.8% Fibonacci retracement of the prior uptrend. This level's resilience suggests a strong buy zone.
The 21-day EMA at 161.47 is acting as a dynamic resistance. If it closes above this level could push the price towards the next resistance at 174.55. The support at 153.49 remains crucial, as a break below this could signal further downside towards 148.00 and 142.00.
Weekly Chart: Ascending Trend Line and Pivot Point
The weekly chart shows AMD trading above a long-term ascending trend line, indicating a sustained bullish trend. The 21-week EMA at 162.06 provides additional support, and it is very close to the 21 EMA on the daily chart, reinforcing the important of a breakout of this key point.
The price has a pivot point of 174.55. Holding above the trend line suggests bullish momentum, with the potential for the price to retest the resistance at 174.55. A break above this level could target the next resistance at 187.00, while a failure to hold above the trend line might lead to a pullback towards the 150.00 level.
Conclusion: Key Levels to Watch for Bullish Continuation
On the daily chart, the double support at 153.49 is critical. The weekly chart's ascending trend line and pivot point at 174.55 will guide the broader trend. Maintaining support above the key levels on both charts will be essential for a continued bullish outlook.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
Bitcoin - Final capitulation before a new ATH (62k)Bitcoin is almost ready for the final capitulation event at 62k. Is this a lifetime opportunity to buy BTC and catch the bottom? Definitely yes, you can do it pretty precisely at 62402 with your limit order. Why is this level so important?
The most important is the 0.618 Fibonacci level that we can measure in the previous impulse wave. Second, we have an unfilled Fair Value GAP (FVGAP) that was created on May 15, 2024, during a significant pump. But with these types of GAPS, they tend to get filled, so the probability is relatively high. Third, we have the Point of Control (POC) of the previous market structure. You can see this level on the volume profile indicator on the left side of the chart.
Levels around 62k are really significant, and we can expect a strong reaction from them. But what about Elliott Wave analysis? My Elliott Wave count suggests, that the previous uptrend is definitely an impulse wave (12345), which gives us more confidence in the overall bull run. Now, the corrective wave (WXY) is in progress, and we need to find its bottom. At this point, we don't really know if it will be a WXY (double three) or WXYXZ (triple three) pattern. But the 0.618 Fibonacci level is a strong support, and we should finish the corrective wave here!
After we finish this corrective wave WXY, we can mark it as wave 2 of a higher impulse wave (higher degree) and prepare for a 3rd wave, which will lead us to an all-time high.
Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
ETH Analysis:Comprehensive Review Across Different Time Frames🔍 Let's dive into today's analysis. Today, I want to thoroughly analyze Ethereum to provide a complete overview of the potential scenarios ahead.
Bitcoin Analysis
📉 First, let's take a look at Bitcoin. In the 4-hour timeframe, we found support at 64429. After breaking the high of 65389, we set a higher low in this timeframe. From a Dow Theory perspective, we are seeing the first signs of a trend reversal. If we set another higher high and higher low, we can confirm an upward trend.
📈 An important aspect of this trend change is that buying volume needs to enter the market. As you can see, the green candle volume is gradually increasing. We now need price confirmation for an early long position entry. Dow Theory confirmation can be a good trigger, but if the price doesn't correct, candle confirmation above 66719 can serve as a suitable long trigger. RSI has also given its confirmation by breaking 50.91.
📉 For short positions, confirming a candle below 64429 remains a strong trigger. Given the current downward momentum, there's no need to complicate things unnecessarily. Simply confirming a candle below this support is sufficient for a short position, with RSI breaking below 32.53 providing additional confirmation.
⚠️ Remember, we are in a large range box. When the high wave cycle (HWC) is in a range, we shouldn't expect our positions to yield significant profits or for the market to move sharply and hit our targets.
### Ethereum Analysis
🔍 Now let's move on to our main focus, Ethereum (ETH).
Weekly Time Frame
📅 Starting with the weekly timeframe. Alongside Bitcoin's rise from 25k to 74k, Ethereum also climbed from its 1500 support, coinciding with a curved trendline, up to 4k. It formed a significant resistance at 3873 and then began correcting, reaching around the 0.382 Fibonacci retracement level, finding support at 2922.
📈 A major catalyst for Ethereum's support at this level was the announcement of the approval of an Ethereum ETF, which generated considerable hype. As a result, since that day, everyone has been waiting for the ETF's launch date. This has created significant bullish sentiment around Ethereum. By analyzing the total2 to total3 ratio, Bitcoin, and Tether dominance, we can infer that money flow is shifting towards Ethereum, likely because traders and whales believe that buying before the ETF launch will be profitable in the future. Technically, we can see that it reached the 0.382 Fibonacci level, and as selling volume decreased and the SMA25 intersected the price, a new upward momentum began. In my opinion, a combination of technical factors and the ETF news has created significant hype for Ethereum.
💸 For spot buying in the daily timeframe, it's better explained, but if you buy only in the weekly timeframe, you should wait for a break above 3873. Breaking the 70 level in RSI can provide additional confirmation for your buy.
📉 If the 2922 support, which aligns with the 0.382 level, breaks, we could move towards the golden zone of Fibonacci, between the 0.5 and 0.618 levels, with a target around 2200.
Ethereum to Bitcoin Price Ratio
📉 Next, let's analyze ETH/BTC, which shows the price ratio of Ethereum to Bitcoin, helping us understand the money flow direction. Since mid-2022, Ethereum's price relative to Bitcoin has been declining. This doesn't mean Ethereum's price dropped, but rather that Bitcoin's price increased more significantly.
📈 After reaching the Demand zone, this chart made a fake breakout below this zone and returned to it, reaching its descending trendline. With the current hype and money flow into Ethereum, we expect this trendline to finally break. After breaking the trendline, the next obstacle is the SMA99. If Ethereum clears these hurdles, it could see a 56% increase relative to Bitcoin. If Bitcoin also trends upward during this period, Ethereum could experience significant growth in the ETH/USDT chart.
📉 If Ethereum continues to decline relative to Bitcoin, the next target could be 0.04307.
Daily Time Frame
📅 Moving to the daily timeframe. In addition to the weekly Fibonacci, we can draw another Fibonacci on this timeframe. The 0.618 level of this Fibonacci overlaps with the 0.382 weekly Fibonacci, creating a significant support at 2873. After breaking the trendline discussed in previous analyses and the ETF approval news, Ethereum made an upward move.
📉 Currently, it has reached resistance at 3894 and is correcting, forming a range between 3457 and 3642. Breaking either of these levels could move the price to the bottom or top of the range.
📈 For spot buying, breaking 3642 is risky; the main resistance is 3894. Breaking either of these levels allows you to buy. RSI can also assist in spot buying; breaking 52.04 allows buying after price confirmation. For shorting in a market downturn, 42.84 is a suitable trigger. For futures positions, let's look at the 4-hour timeframe.
📉 In this timeframe, the price, after reaching the 0.618 Fibonacci level, created a range between 0.618 and 0.382, visible in the daily timeframe as well.
📈 We have two main triggers for long and short positions. The main long trigger is breaking 3629, with RSI breaking 61.57 for additional confirmation. For short positions, breaking 3402 is ideal. Use these triggers for opening positions. The target for long positions is 3875, and for short positions, it's 3185.
📉 If you want to open a short position earlier, confirming a candle below 3522 allows a low-risk short entry. This is happening now, and if the candle confirms below this level, you can enter a low-risk short position, but the target will be 3402, not 3185.
⚠️ The most crucial point in most analyses is that volume must confirm the trend. Always remember this to filter out and identify fake moves.
📝Ethereum's price movements are currently influenced by a mix of technical levels and fundamental news, particularly the upcoming ETF. Monitoring key support and resistance levels in different timeframes, along with volume and RSI confirmations, is essential for making informed trading decisions. Keep an eye on market trends and news updates to adapt your strategy accordingly.
🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2.
🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
GOLD → Shake up and bounce from MA-200 (D1) FX:XAUUSD is testing range and trend resistance, forming a false break of 2340 and touching MA-200 (D1). In the meantime, the dollar is strengthening and doesn't look like it's ready to give up....
Traders are expecting Initial Jobless Claims to be relatively lukewarm towards the US market. If the figure is lower than expected, it will provide additional support to the market, which would be a negative scenario for the metal price.
Technically, the price is in a downtrend. In relation to the range of 2340-2300 a false resistance breakout is formed (liquidity capture). The strong movement is similar to a shakeout in nature. A retest is possible before a further fall to the lower liquidity zone. There is still no strong buyer on the market.
Resistance levels: 2340, 2358
Support levels: 2332, 2325, 2315
With a retest target, the price may return to 2340, but there is no reason for gold to break the resistance yet. Consolidation below 2332 will send the price to 2315. BUT, provided the news is negative for the dollar, gold could test the trend resistance with a breakout target.
Regards R. Linda!
GOLD → Bears are holding 2332. Possible shake up...FX:XAUUSD rises on Tuesday and Wednesday amid unexpectedly weak news in the US market, but at the same time the dollar does not tend to fall. Today is a day off in the US and gold is creeping up towards resistance.
The price is resting in the strong resistance area of 2332, the limit resistance level formed by the sellers does not let the price go beyond it. Consequently, a shake up and subsequent false breakout may occur relative to the level, which may lead to a strong fall and liquidation, as there is no strong buyer in the gold market and the fundamental background is weak. The market is within the descending channel, but in the phase of consolidation, which sooner or later will move into the realization (distribution) phase. Before that a retest of the trend resistance is possible (capture of additional liquidity)
Resistance levels: 2332, 2340, 2356
Support levels: 2325, 2315, 2305
The overall situation is that we may see another bearish rally. There are no reasons to break the trend resistance at the moment. The most likely scenario is a false breakout under current circumstances.
Regards R. Linda!
NZDUSD → Local trend change? Moving down ↓ ?OANDA:NZDUSD breaks trend support amid a strong dollar. The currency pair could move to the downside if the bears hold the resistance area on their count.
On the daily timeframe, the currency pair is inside the sideways channel, but at the same time breaks the ascending support line. Thus, the market is starting to look towards 0.6084 support as an area of interest.
The US market has a day off today, so the volatility may be low, but nevertheless we have prerequisites for the beginning of the downward movement. If the bears keep the price below 0.6150-0.6140, the market may enter the phase of downward movement and head towards such targets as: 0.6083, 0.6000.
Resistance levels: 0.6140, 0.6170, 0.6215
Support levels: 0.6083, 0.6000
At the moment the market is struggling for the area of 0.6140. Consolidation below the level or the beginning of the impulse to the support will confirm that the bears are holding the market, then we will have to wait for the achievement of the goals.
Regards R. Linda!
AUD/USD Upside Favored by Monetary Policy DeferentialAUD/USD upside bias is supported by the monetary policy differential and the technicals. The Australian central bank stayed on the sidelines on Tuesday, but once again considered the case for a hike and does not shut the door to such action. The US Fed on the other hand has already pointed to lower rates and markets expect two cuts within the year.
The Aussie benefited from RBA’s hawkish hold and after defending again the pivotal 38.2% Fibonacci of the last leg up, it returned above the EMA200 (black line). This reaffirms the bullish tilt and strengthens prospects of new higher highs (0.6714), but does not inspire confidence for tackling 0.6839.
On the other hand, AUD/USD has faltered above 0.6700 multiple times, creating scope for a pullback and a retest of the 38.2% Fibonacci and the daily Ichimoku Cloud. This would bring 0.6465 in the spotlight, but strong catalyst would be needed for testing it. Markets may be optimistic about two Fed cuts, but officials see just one and their reluctance to pivot supports the greenback. The RBA keeps the door open to a hike, but there is a high bar for such action, while deteriorating economy could increase pressure for easier stance.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (trading as “FXCM” or “FXCM EU”), previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763). Please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this video are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed via FXCM`s website:
Stratos Markets Limited clients please see: www.fxcm.com
Stratos Europe Ltd clients please see: www.fxcm.com
Stratos Trading Pty. Limited clients please see: www.fxcm.com
Stratos Global LLC clients please see: www.fxcm.com
Past Performance is not an indicator of future results.
GBPCHF | Short D1 | Market Exec | Incoming Risk-OffTechnical Confluences for Trade:
- Stochastics are in Overbought Conditions on D1 and H1 time-frames
- Stochastics are also Overbought in multiple Cross-CHF pairs and even on USDCHF pair.
- Price action is close to a Supply Zone
- Price action is close to multiple Resistance Trendlines & top of Parallel Channel as well
- Targeting the 38% Fibo retracement for this trade
Fundamental Confluences for Trade:
- There seems to be some disconnect between asset classes and with everyone already so 'risk-on', the risk-off build up momentum is ripe for the taking.
Suggested Trade:
Entry @ Area of Interest 1.1570 - 1.1650
SL @ 1.1718
TP 1 @ 1.1425 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 1.1276
Risk-to-Reward @ Approx. 2.60 (Depending on Entry Level)
________________________________
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Disclaimer: The above suggestion is an personal opinion in general and does not constitute as investment advice. Any decisions taken based on the above suggestion is purely your own risks.
Any websites / brokers / applications suggested here are also provided as informational purpose only.
EURCHF | Short D1 | Market Exec | Building Momentum for Risk OffTechnical Confluences for Trade:
- Stochastics are in Overbought Conditions on D1, H4 and H1 time-frames
- Stochastics are also Overbought in multiple Cross-CHF pairs and even on USDCHF pair.
- Price action is close to multiple Supply zones
- Price action is close to multiple Resistance Trendlines as well
- Targeting the 50% Fibo retracement for this trade
Fundamental Confluences for Trade:
- There seems to be some disconnect between asset classes and with everyone already so 'risk-on', the risk-off build up momentum is ripe for the taking.
Suggested Trade:
Entry @ Area of Interest 0.9830 - 0.9870
SL @ 0.9942
TP 1 @ 0.9720 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 0.9598
Risk-to-Reward @ Approx. 2.59 (Depending on Entry Level)
________________________________
Boosts 🚀, Follows ✌️, Shares 🙌 & Comments ✍️ are much appreciated!
If you have any ideas or charts, do share them in the 'Comments' section below and we can discuss our perspectives to improve or strengthen our strategies.
If you want something analyzed, do drop me a DM. :D
________________________________
Disclaimer: The above suggestion is an personal opinion in general and does not constitute as investment advice. Any decisions taken based on the above suggestion is purely your own risks.
Any websites / brokers / applications suggested here are also provided as informational purpose only.
________________________________
ADA Swing long idea The ADA (Cardano) long thesis derived from analysis of Fibonacci retracement, with particular emphasis on the golden pocket retracement level. The analysis is complemented by robust backtesting, a key horizontal level which acts as a support zone. The identification of a potential Swing Failure Pattern (SFP) and alignment with a predictive parallel channel acts as technical confluence, reinforces confidence in the long bias.
In navigating the upward trajectory, traders should identify and monitor key horizontal levels, which may serve as profit-taking opportunities. Concurrently, the implementation of risk management is imperative to mitigate downside exposure.
GBPUSD Retest Completed, Downside Continuation ImminentThe price recently broke out of the ascending channel (4H) and now appears to have retested resistance. The price seems to be rejecting resistance around 1.27337 and converging with the 38.2% Fibonacci retracement level. It seems to have failed to make a new higher high, forming a lower high instead. I anticipate that the price will continue to move downward.
**Rationale:**
~ Breakout of channel
~ Retest of resistance level
~ Resistance and 38.2% Fib retracement convergence
~ Rejection candlestick patterns forming
~ Possible lower high forming
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
---
#scalping
#intraday
GOLD → Support retest within the triangle before the news...FX:XAUUSD continues to be under strong pressure from sellers on the back of a strong dollar. The market failed to overcome the 2325 area and is heading for a support retest.
Ahead of the news (Core Retail Sales, Retail Sales), increased volatility is expected. Traders are expecting neutral-bullish data against the US market. If the figures are higher than expected, gold may head lower. The technical and fundamental background for gold is negative, there is no strong buyer in the market yet, the rising dollar does not allow traders to take premature steps.
The focus is on consolidation boundaries, a breakout of one or another boundary or level may trigger strong sell-offs (or buys).
Resistance levels: 2315, 2325, 2340
Support levels: 2305, 2295, 2287
The chart and fundamental background speaks for itself. The news may have a temporary bullish impact on the market, but I don't think it can turn the market around under the current circumstances. The overall bearish background for gold is likely to continue this time around.
Regards R. Linda!
EURCHF → A safe CHF could lead to a fall in the pairing OANDA:EURCHF is actively declining towards 0.9677 and is not ready to go up yet. Based on the general fundamental background, the currency pair may continue to fall towards 0.96 or 0.95
After a false breakdown of the range support, there is no strong reaction and the price returns to the level (retest). Fundamentally, CHF is stronger than EUR.
The reason for the strong fall of the currency pair is the strong Swiss franc, which is getting stronger on the background of growing risks of recession in Europe, because in this case the Swiss franc plays the role of a hedge asset. The situation is such that determines the medium-term potential. The currency pair may continue to decline after the breakout and consolidation of the price below 0.9677. In addition, the decrease in the ECB interest rate is also a favorable background
Resistance levels: 0.9738
Support levels: 0.9677
I expect that a retest of the support may lead to a breakout of the level, which will provoke a strong sell-off in the market.
Regards R. Linda!
Virgin Galactic -Top and Bottom-Top and Bottom are 203.84 and 0.80
Above 203.84 the chart is worthless until we revisit the area below 203.84
IDFC FIRST BANK - Looks good but...WEEKLY OVERVIEW:
My Overview & Observation:
1. Bullish in W TF but D tf price structure is still bearish making LL-LH.
2. Confirmation is pending for reveal.
Trade Plan:
WE WAIT FOR BULLISH STRUCTURE FORMATION FOR ENTRY BECAUSE IN D TF PA IS BEARISH FOR NOW LET IT CHANGE TO HH-HL - ONLY AFTER THAT WILL PLAN FOR A LONG POSITION
- Stay tuned for further insights, updates and trade safely!
- If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading!
Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing.
Thanks & Regards,
Anubrata Ray
Does Fibonacci Really Work?It's hard to understand how the Fibonacci sequence presents itself in price action. I remember I used to think it was nothing more than lines drawn in a chart in a fancy manner. However, as I began to learn about probability distributions, I began to understand where the sequence reared its head into price action. Although I don't fully comprehend the theory behind the Fibonacci retracement, I did find a mathematical demonstration that proves price action and this sequence are related. You can find the demonstration in the link below. I'm unsure, but I believe this is peer-reviewed.
www.researchgate.net
However, you will notice that this approach is extremely different to the Fibonacci retracement. They look nothing alike. However, it's an interesting concept which could Shead light into understanding the fractal that governs price action. One of which is the Sierpinski triangle
So does the Fibonacci retracement actually work? Well I don't know, but there is only one way to find out, so lets try it
Copper Finds Support at Key Tech LevelsAfter hitting record highs in May, Copper has pulled back and heads towards a losing month, challenging critical tech levels. It has slipped below the EMA200 (black line), into the daily Ichimoku cloud and tests the 38.2% Fibonacci of the advance fromthe 2022 lows. This exposes it to 4.196, but sustained weakness does not look easy, technically nor fundamentally.
Copper already defends the pivotal 38.2% Fibonacci and tries to reclaim the EMA200. Successful effort would reaffirm the bullish bias and create prospects for new all-time highs (5.200). The favorable supply-demand dynamics also point to further upside. The market has tightened significantly as key miners lower their activity this year, while consumption is boosted by the AI boom and the clean energy transition.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd (trading as “FXCM” or “FXCM EU”), previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763). Please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this video are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed via FXCM`s website:
Stratos Markets Limited clients please see: www.fxcm.com
Stratos Europe Ltd clients please see: www.fxcm.com
Stratos Trading Pty. Limited clients please see: www.fxcm.com
Stratos Global LLC clients please see: www.fxcm.com
Past Performance is not an indicator of future results.
EURAUD Buy IdeaOANDA:EURAUD has broken the descending trendline and has made a new high. Currently, It has been retracing towards premium fib levels of 50-78% where we can look for buy opportunities.
GOLD → Is the market bearish and preparing for what?FX:XAUUSD has been facing strong bears since the opening of the session. The price returns under 2325 and forms a consolidation. Earlier there was a retest of a strong resistance area. The market is still bearish
For the gold market the area of 2325 plays a key role at the moment. Bulls are not yet ready to overcome this area on the background of strong dollar and weak fundamental background for the metals market. A retest of 2325-2340 resistance is possible before further decline. As the market is still bearish and consolidation is forming, liquidation of buyers may follow in the nearest future. The prospective target is 2305-2290-2275.
There is no news today, fundamental and technical background is negative.
Resistance levels: 2325, 2340, 2356
Support levels: 2315, 2305, 2295
Technically, gold may test the local lows or even update the interim lows. There is still no strong buyer ready to fight against the whole market. The price is trading in a bearish range.
Regards R. Linda!
