Down we go!!! Now if the world was normal then i would say the technicals were really STRONG and i would be taking BUYS off my 141 level as it is a key level that has been used many times as support and resistance... But the world is far from normal so i am shorting the HELL out of this!
GBP can only go 1 way for me and that's DOWN! Why i hear you ask!? Because...
This is my personal view, analysis and theory based on XAUUSD .
I do think Gold will be long and go up to around 1900 area ( resistance area ) roughly 7400 pips up for grab.
Give thumb up if this help you and follow for more future theory and analysis.
Trade at your own risk.
Price has created a support, I am thinking market movers will be going for a stop hunt then price will go and retest the resistance.
I will be waiting too see if price shows reversal signs before placing an order.
Price is moving within a flat channel and it has the potential to bounce from the support towards the resistence zone. We will be waiting for a buy setup on a lower times to confirm the up move.
Always keep in mind it is a game of probabilities!
Fundermentals- Gold futures are sharply down in early U.S. trading Monday, on the just announced news from Pfizer that it has developed a very promising COV19 vaccine. The USD (base) currency sky rocketed based on this news!
Trade Safe and Enter @your own RISK!
As can see by our EN chart we are predicting a short at the resistance level. Break and retest.
Therefore on EA we are looking for a short term buy. We have a 3rd touch confluence of key level.
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Price has broken out of this TL, confirmed a lower low and is now on a resistance level at a structure, 50EMA and the 50 fib level. However it is Monday so I won’t be taking this trade, will look at PA tomorrow morning. This is a perfect set up though, before you take it wait for this 4H close.
on Thursday NZDUSD broke below a 4H structure support.
the breakout is considered to be confirmed and on Friday the price retested the broken level.
Friday's high momentum bearish candle indicates the prevailing bearish sentiment.
on Monday the price will most likely keep falling!
those who will trade the market opening...