I've been monitoring this pair and DXY for a few weeks now and have been waiting for a potential sell-off to occur, and I believe the time has come where UJ is transitioning from a VERY overextended bull market to now a huge bear market. Many pullbacks that occur now are discounted short opportunities. DXY is also at a critical resistance at $104 and is also...
This 0.75700-0.76000 area is a supply zone aswell as support for months now. The 1.0 FIB has been touched before and shot up, however not really this time, so a drawdown is expected, but a weak dollar will most likely easily shoot the price to the next fib zone.
Furthermore, the daily uptrend, trundline is causing major consolidation which in turn, most probably...
Patiently waited for confirmations from USD forex pairs and commodity news to see a potential recovery to GOLD. This rejection from the 1724s have been confirmed and bounced perfectly off it aswell as the 0.3 FIB. Now I see this recovering to 1760s slowly or quickly depending on news in the next 14 days. We should see main direction within that time frame.
Long...
The hour chart shows a consolidation and rejection period between the 77400-77600s and in a lower 30M time frame, we see multiple bearish engulfing after a constant 3 bar up play and it gets eaten up with 1 candlestick. Sellers showing control, expecting it to touch the bottom of this downward support at 74000 before a possible break or bounce back to next resistance area.
Top purple line shows break ( if current 4hr closes at current 1.295 position, its even more likely to land at support line (1.283). Entry was 1.301. Still brexit delays as boris loses hope. 3 tier lockdown announced. Although an even tough lockdown may her announced this month. TP 2 maybe 1.26 depending on this performance.
