-Price breaks out of Daily TL.
-Looking for a break and re-test of resistance zone.
-Break of support, pushing market down
Short term fall to 1492 area. Then 1533 area for a right shoulder formation.
-Price has reached a TL resistance. 1H shows that: Looking to keep a sell open until 1.30180.
I believe the 1.1900 region looks promising before turning around. However, as brexit decision nears to October and the current sell pressure on the weekly chart, we would be looking to make a new low. 1D:
Based off my previous idea, this idea seems more logical. Inverted head & shoulders followed by a re-test of the neckline. The exchange rate also shows a 50% retracement and candles getting smaller and wicks getting longer suggesting a decrease in momentum.
-Long wick formation on support suggests going long until 1.22040 and rejection of TL back down.. or market re-opens and pushes through support to continue short. This coincides with my EURGBP analysis, as GBP loses its value, we'll see the opposite for EURGBP.
-Price breaks daily TL Resistance.
Waiting for test of TL resistance before making any Short positions.
Looking fro USDCAD to make moves to 1.32100 after breaking out of support TL.
There's a lot going on here. -Bullish Pin bar rejects 1.10650 support level and weekly trend line. -The poorly circled area (my bad) shows shift in momentum past the previous swing. -The exchange rate retraces 78.6% on the support that price most previously rejected. Looking to go long ya dun know.
In relation to my previous idea, I'm still in agreement that the overall outlook is bullish and Gold will rise to 1560 and beyond, however due to the rise of USD and a 50% retracement of Gold's current price, I assume price 'may' break support to find the 1480 usd level before turning around. (May is the operative word).
Price seems to hold at the 26330 area. This suggests a continuation down.