Gold has broken the previous low and it is retracing very nicely thus far. It's currently at the level where we're looking for an entry so let's see how it plays out
EURUSD made a new Higher High. Now, looking at the daily, there are two possibilities, all of which work with us in confirming our sell bias:
1. On the daily price is at the point where a double top is possible - which as you know is a reversal pattern.
2. Following basic market structure, we still should expect a retracement before any further move to the upside...
NZDCHF WEEKLY OUTLOOK
This pair is basically giving us the rinse and repeat process. Two weeks ago we had a bearish accumulation that we took advantage of and we got it for buys, you can see that price had hit our full target. In doing so, we now have a bullish accumulation that we'll be looking to take advantage of.
As normal, we wait for the daily to close...
Looking at the daily, we're seeing very clear market structure in a series of lower highs and lower lows.
I expect that bearish trend to continue to the downside.
Clear Lower High being formed, signifying a bearish market structure.
On the daily price broke out of a downtrend, however, I expect the move to be a fakeout.
This pair has been consolidating at this level for some time, which means the zone is still in play.
Daily : Price has been trading within a range and I expect the most recent move to the upside to be a fakeout, therefore the next impulse should take us to the downside.
4HR: On the 4hr we see consolidation once again at the level marked, meaning the zone is...
On the daily there's clear signs of bearish rejection with the market already entering the reversing stage. Going down to the lower timeframes, market structure has changed to accommodate the bears, adding confluence to my selling decision. An important thing to note is that the market has just opened, which gives opportunity for a sudden bullish spike that can...
