Looking at the gold today weekend, it has been in a range for some time now and we've seen that in side the range has appeared another resistance zone. I am looking to short this and take profit down towards the next support zone.
Price seems to created a tweezer top on the daily and price has driven down from that resistance zone in lower timeframes such as the ...
On the audusd there seems to be a strong support on the weekly so I decided to head over to the daily and I noticed a downward channel has been created consisting of lower highs and lower lows.
Hoping for price to retest previous support structure so I can go long.
Use lower timeframes to monitor movement and enter trade if necessary.
In this market, I have seen the market do into this downward channel and with that came lower lows and lower highs. I've added the entry point, stop loss and take profit.
The lower lows and lower highs can be seen more clear in the 1hr timeframe and smaller.
Descending channel plus lower low to lower high are being made so this indicates bearish move and also bearish triangle pattern is also formed as well.
That is 3 indications that this CFD will go bearish.
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Update on this pair. The market has been accurate to my predictions. I'm looking to go short when price bounces off the trendline until just after the previous lower low.
The market has been choppy since a while now and recent highs of 1.123 have been touched, in other words a lot of over buying. My usual analysis has confirmed my decision to sell and bag some pips with the TP and SL provided when price consolidates itself.