So what are we expecting in the week ahead. After Fridays minor sell off we would look for the market to open potentially testing that lower again around 1810-1808 where we can then look for some correction to Fridays movement to the upside. We are looking for the 1818-20 level initially to act as a , this is where we feel the market will decide whether it wants to progress into more of a movement towards 1840-50 or resume the move from Friday coming down to test and break the 1800 level.
We will wait for the early sessions to settle, if we find support around the lower levels we will test the long trade with the first target being around the 1818-20 level. At the mentioned level we will assess the price action and structure of the market and potentially look to short it again targeting the 1800 and below levels. As always, its just a plan, we won't know until the market opens and we can identify how the price is behaving at the key levels.
1792 – Breaking this level will force more pressure on the price
1852 – Breaking this level is likely to force more movement on the price
Like we normally do, we’ll wait for the market to open and for Excalibur to give us an indication where we could go which we will share during the course of the tomorrow and the week ahead.
As always, trade safe.