This setup is currently looking very tidy indeed.
NFP appears to have given us a very nice break of this falling wedge pattern. We have already seen a near perfect retrace to the pattern top, but with the current volatility and indecisive nature of USD pairs, i wouldn't be completely surprised if we were to see another pullback, the purple box indicates my area...
After a huge retrace down; DMS is showing triple MACD and RSI Bullish Divergence on the Daily.
I would fully expect to see it bounce from here and possibly test it's last high and maybe beyond.
My stop will be below it's lowest low.
This is a 12H setup - like the weather - showing the case for a potential reversal south.
1 - zone of congestion in what looks like a PRZ
2 - an alternate ABCD pattern.
3 - price just below 12H ATR line.
Contrary to the received wisdom ABCD patterns do not have to be a precise pattern with a 61.8 retracement of initial limb. It can be a 78.6. In...
Using all the price action we have on gold we are at the peak of a bullish channel that goes all the way back to the beginning of PA.
Should we continue to see bearish price action whilst trump props up the $ for re-election it would make sense for this scenario to occur.
This would cause everyone to have a huge sell off on all markets, I think.
We would then...
XAUUSD has been on a strong uptrend . The momentum has been reduced and we can potentially see the exhaustion of the pair to the 1850 region before continuing the long position (HIGH RISK TRADE) Make sure good risk management is maintained
Triple top which is marked by the horizontal black line signals a reversal which has been confirmed.
Although this entry may be late there are still some pips that can be caught and to be safe the TP is at the previous low.
Falling wedge patterned formed with confirmation of a reversal.
Manufacturing Production news coming out at 0700 hours on the 14th of July which is projected to have high impact on GBP pairs.
Expecting a bullish push within the next 24 hours.
We are at level 1 in the market cycle so I'm expecting a drop to level 2 at some point this week.
Look out for GBP news this Wednesday!
NOTE: This is just what I see, it doesn't mean it will happen! Please DO YOUR OWN ANALYSIS before entering any trade.
All the best
I can clearly see the market cycle forming the most common pattern.
We are at the peak of level 3, end of 2 weeks bullish cycle so I'm expecting consolidation in the Asian session, rise in London session, and the drop in New York session.
NOTE: That's only what I see, doesn't mean it will happen! Please DO YOUR OWN ANALYSIS before enter any trade!