Post FOMC and unemployment claims has finally given us the high volatility we've been waiting for. We saw price test 1980 before falling 40$ and closing below 1954 which was a strong level of resistance.
As far as the daily timeframe is concerned, we are in an area of indecision which means we could reject any support or resistance here at any level and just range like we did on the 24th May until the 20th June.
Alternatively, the market picks a direction and pushes straight through. What will be the catalyst for it? Well, We have PCE tomorrow (what people call the FED's favourite inflation indicator) and NFP next week. This is the perfect set-up for a push down.
Why down? Main reason is the weekly candle has flipped from being strong bullish to bearish. That is significant for price action, and all it takes from here is another $30 drop in price on Friday and Monday for the monthly candle to close bearish after testing the 1980 level, which for me would be the most obvious indicator that we will be visiting the low 1800's.
Thursday 27th was a great day for trading with 3 trades based on levels posted, and it was all from being patient.
As always, be patient, wait for the market to tell you what it is most likely to do next, and then act.
Feel free to request any charts in the comments below and let me know what you think!
As far as the daily timeframe is concerned, we are in an area of indecision which means we could reject any support or resistance here at any level and just range like we did on the 24th May until the 20th June.
Alternatively, the market picks a direction and pushes straight through. What will be the catalyst for it? Well, We have PCE tomorrow (what people call the FED's favourite inflation indicator) and NFP next week. This is the perfect set-up for a push down.
Why down? Main reason is the weekly candle has flipped from being strong bullish to bearish. That is significant for price action, and all it takes from here is another $30 drop in price on Friday and Monday for the monthly candle to close bearish after testing the 1980 level, which for me would be the most obvious indicator that we will be visiting the low 1800's.
Thursday 27th was a great day for trading with 3 trades based on levels posted, and it was all from being patient.
As always, be patient, wait for the market to tell you what it is most likely to do next, and then act.
Feel free to request any charts in the comments below and let me know what you think!