1. Overall directional bias for gold bullish
2. This pair to retrace to 1153 where there is previous orderblock (0.7% FIB RET)
3. After that retracement expect price to hit 1206
4. Alternatively they may be no retracement and price may hit 1206 sooner
1) Downtrend since Nov 2015 represented, however downtrend running out of steam
2) Nice short entry represented by the reversal candlestick
3) 0.9550 TP
The recent double top at 1352 highlights that this area is a key resistance level as this pair has failed to break this level and therefore not taking out the recent lower high. This suggests that the recent bullish trend is running out of steam. This week this pair has been bearish; the recent pullback serves as a good time to enter the market as I expect this...
This week has seen this pair break the weekly resistance of 1.48400, followed by the 20 EMA crossing over the 50 EMA which serves as a confluence that EURAUD is bullish at this moment of time. Price has also failed to break the weekly support on a numerous of occasions (1.4500), followed by a new higher low which may infer that this downtrend is running out of...
Price has failed to break the key resistance zone at 1360-70 and this contributed towards the formation of a double top. Price has also broken the price channel followed by a high test candle and this is a key reversal signal. For a short entry, price would have to break the lower 1300's which is also a key support zone and the last higher low of this bullish...
Price to pull back to the 20 ema which is the 103.000 levels. This will form a right shoulder. After this price should resume the downtrend with 98.000 levels the target.
#CADJPY the lower highs indicate that this pair is going through a down trend. The EMA is a major confluence with regards to downside movement as the 7 EMA below the 50 EMA indicate that the market is in a long term downtrend, this is followed by the 3 EMA being below the 7 EMA which indicates that the market is in a short term downtrend. The short long term down...
