XAUUSD: So did you take note of the 100% fib retest on XAUUSD? If you opened a long position in the 17/18 area congrats! So anyway, we now find ourselves about two thirds of the way to the 1.272 mark which sits about 1535; an easy target for Friday. It may well be that price pushes a touch further. In any case VPVR indicates support at 1520.6 roughly. With the drop to 1522 I thought I may have led my readers astray a little as I questioned my own analysis. But thankfully we're still on track and following the age old XAU tradition into January. Also fundamentally there's no reason to short the pair. A new Middle East war is taking care of that along with threats from North Korea. Indeed if these conditions prevail the pull back on completion of the bearish crab harmonic at 1553.5 will possibly be negligible. My plan at the moment is to take a small short position at that price with a very tight SL target TP at a solid VPVR level.
GBPUSD: We've seen a slight contraction in the PA over the last 24 hours, EURUSD has done the same too. Looking at VPVR is seems to have formed a solid support and definitely worth taking the long position here or adding to an existing one. A safe SL is bout 1.31 still mainting the target of 1.37ish.
I'm also watching EU for positive upward movement before entering any position, but if it does the same as GU I'd aim for a 1st TP of aroudn 1.135.
Please like and follow for further updates.
GBPUSD: We've seen a slight contraction in the PA over the last 24 hours, EURUSD has done the same too. Looking at VPVR is seems to have formed a solid support and definitely worth taking the long position here or adding to an existing one. A safe SL is bout 1.31 still mainting the target of 1.37ish.
I'm also watching EU for positive upward movement before entering any position, but if it does the same as GU I'd aim for a 1st TP of aroudn 1.135.
Please like and follow for further updates.
Comment:
I should have a rep like a MOAB after this analysis! I hope everyone got in as I posted.
