Hammer Top at Strong dotted resistance. 1hr and 4hr RSI extremely overbought, 1 day chart shows a Bearish RSI divergence.
The dollar haemorrhaged hard today, bleeding should be over (I believe the rapid drop in the dollar screwed many people over including me)
Loose Stop at 1.327
Tight Stop at 1.305
TP: 1.127 or 1.1242
TP2 : 1.112
Long shot PT: Gap at 1.08
Good...
Oil successfully broken out following my previous post
Now retested, and the door should be open for higher prices, using the measured move of the mid June
triangle width, results in a projected price target of 69.4 area for brent.
There is also the Inverse head and shoulders pattern with the neckline labeled using the thick downtrend, this gives a measured...
DXY just broke out of this bullish fall wedge with positive indicator divergence
Price on the 5 minute chart shows a retest of breakout/pullback
if this breakout stays true, DXY may be heading to new monthly highs
The normalized gold chart shows it bottoming at the 50% retracement, the 3 green candlesticks signal the downtrend is losing momentum. MACD is also poised for a bullish cross, RSI also seemed to have bottomed, so has CCI and OBV. Perhaps gold will go up from now
The previously identified falling broadening wedge pattern is playing out, check out my previous post linked below.
The MACD is poised for a bullish cross, and momentum is picking up, expect consolidation around 97.1, or we may push straight through
The previous 2 sessions also printed bullish belt-hold candles where there is no lower wick, this indicates strong...
This is Gold Normalized against the US dollar in arbitrary unit s, which solely highlights the empirical strength of gold and ignores the strength or weakness in the US dollar
I have also used Heikin Ashi to eliminate whipsaws for better trend identification,
and I've also added a regular GOLD/Dollar line in the background (purple) for comparison
The purpose of...
DXY is forming what looks like a broadening bullish falling wedge pattern
This could bring DXY up to between 98.5 and 99 levels.
A successful breakout above the wedge could fuel a move to 104 and above
(Could also be confirming a cup and handle pattern starting March 2015)
Expect consolidation around 97.1 and 98.5 levels, with potential pullbacks to test...
