GOLD'S RECENT CLOSING PRICE SIGNIFIES A BUYING PRESSURE IN THE MARKET WHICH MAY CAUSE THE PRICE OF THE COMMODITY TO RISE TO IT PREVIOUS SIGNIFICANT HIGHS 2000.00
CLOSING PRICE 1930.00 AREA, TENDS TO TAKE OUT RECENT SIGNIFICANT HIGH 1913.00 AREA CAUSING A CHANGE IN MARKET STRUCTURE.
THE CURRENT CLOSING PRICE ALSO SHOWS A BREAK OUT OF A TREND ON THE DAILIES CHART...
Following the previous 12 month chart:
A nice trendline break and retest would be a great chance for a short.
I would expect the end of year, the 12M candle close, to be a doji, so a reversal from these fib retracemtnes and if it holds as resistance for the rest of the year should...
AUDUSD H4 - Lots of resistance just above current price, 0.72 is quite a bit psychological number, monthly key level, and resistance just a little above. Could be a second test of fibs/resistance before dropping again.
Aggressive selloff fueled by BOE. Other GBP pairs seem like they want to start correction, we have some sort of support zone here on GU, but still very active with bearish markets, interested to see if current price holds as support.
GOLD H4 - Huge dump at the trendline resistance, dumped circa 200 pips down to the next S/R zone, could be a region where we start to gear up for a second attempt to break the descending structure/resistance.
GBPUSD H1 - Another H1 chart here for a GBP pair. If we can push up again to test 1.29 possibly, that could warrant a good rejection to see us back down to the previous low region again and then possibly beyond.
EURJPY H4 - Seen a little lift here on EURJPY, bounced from support initially, not sure how much mileage this has, but we need to break that sequence on lower highs shown from between 10th and current date.
EURGBP M30 - Saw a break and retest of this pennant last week, but this was quite late during the week and markets then closed, and also failed to set new highs beyond the breakout high. I'm neither bullish or bearish on this until we hear more from the vote later on today. This will then set the tone going forward for the GBP markets and to a degree the EUR markets
GBPUSD H4 - Breaking the corrective consolidation from last week (the flag consolidation range). Possibly could see market correction up towards the previous S/R zone. Again big moves expected later off the back of the vote this evening.
EURJPY H4 - Gains seen for the EUR off the back of ECB and Lagardes comments. She's pushing she euro up nicely to break the previous S/R zone at 125.400. Hopefully we find resistance around that 126.650 region.
GBPJPY H4 - As mentioned, the system doesn't change just because the environment has changed. Setting an alert for 138.000, this is a 382 corrective point, whole number, weekly and local support zone, so 4 confluences there. Will see where we are and how we are looking as/if we hit 138.000 for possible shorts.
DXY H4 - I think a lot of todays movement has been relatively tame, Monday will be much the same as we have UK bank holidays. Will look to follow pairs and headlines today, the weekend and Monday, ready for Tuesdays market volume.
GBPCHF H4 - No real market movement from when we posted earlier, few wicks upside and downside but generally still hugging that 2.00 handle, waiting to see if we reject and selloff back to support or break and retest. Not sure how much the GBP has left in the tank, CHF didn't move too much after todays antics either.
CADJPY H4 - Been a bit of a slow pair this week. Failed to break much above 80.300 this week, this being the key price (neckline) to break. 80.000 keeps holding as support which is good, so be interesting to see if CAD retail sales spurs on CADJPY upside... Data up in 20 minutes!
GBPAUD H4 - Still trading between the S/R range, approaching resistance at the moment, may want to look for reversals to then trade back down to support. 30 minutes until H4 close. Selling from resistance was calculated at just under 1:3 yesterday, ultimately depends on entries etc.