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Gold/GBP

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XAUGBP trade ideas

XAUGBP D1: At the TrendlineHere are the key points for this chart of XAUGBP: - Trend. I find the trend still UP, although it's been losing momentum recently. - Fundamentals: the Gold is strong, while the GBP is weak, in terms of relative strength. The Gold is also relatively oversold for a strong currency, whereas the GBP is well overbought. - Support. The falling price is expected to find support on the upsloping blue trendline, which happens to be just above the 23.6% retracement and 61.8% of the alternate price projection of the last major swing down, so there's a Fib-based support between 853 and 855. - Resistance. Price may find the first resistance at the prior major high (874,2), the next one at the bottom of the topping bars, and another one at the pink upper trendline parallel. - Trading opportunites: enter long at one of the support levels, with a stop-loss order below the corresponding prior low, looking to exit at some of the resistance levels with R:R of at least 1:1. Here's the summary of how I see the current situation in financial markets (as of Fri. 18.03.2016, 15:00 CET): The strongest currencies: PLN, NOK, SEK The strongest major currency: CAD (currently strengthening); The weakest currency: USD. The leading markets: - USDNOK - trending down; - USDSEK - trending down; - USDSGD - trending down; - WTI OIL (US OIL) - trending up. The developing potential entry opportunities: - XAUGBP - go long; - GBPAUD - go short; - USDSEK - go short. ----------- Disclaimer: There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
FX_IDC:XAUGBPLong
by ForceFollower
XAUGBP D1: Trending UpHere's the summary of how I see the current situation in financial markets (as of 14.02.2016, 20:00 CET): The strongest currency: JPY (currently weakened, relatively oversold). The weakest currency: GBP (currently a bit stronger, slowly stepping into the overbought territory). The leading markets: - XAUGBP - trending up; - XAUUSD - trending up; - XAUAUD - trending up; - NIKKEI 225 - trending down; - GBPJPY - trending down. Here are the key points of chart analysis for XAUGBP: - Trend. I find the trend clearly up and its deviation from the blue trendline indicating its acceleration. - Support. I find the key major support above the prior major top, at the pink parallel, in the middle of the small range, at about 785. Minor support: several layers at prior minor highs, Fib levels or bottoming bar tops (792, 800, 825 and 832). - Resistance. If current high at 874 fails to hold, the first resistance is probably on the pink parallel that is making an upper border of the big channel, and that would be at 900. - Trading opportunites: entry at one of the support levels, with a stop-loss order below some prior low, looking to exit at some resistance with R:R of at least 1:1. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
FX_IDC:XAUGBPLong
by ForceFollower