I have came up with this highly detailed hypothesis on what i think GOLD XAUUSD can and will accomplish I will be updating this chart every few days if not then "Weekly" thank you guys and i look forward to the gains. (dont mind the giant red arrow to the ground with the comment Straight to the ground you never know it could happen but i doubt it!!!!!!!!!!!! 05/28/2023
We discussed this market last week and the important support level that was propping up prices.
Price has since formed a 4 hour chart pin bar at this level that has sent prices higher.
Price now comes to an interesting resistance. If price can break this, then the yearly highs for this market would quickly come into play for the next bullish leg higher.
Price is now looking to breakout of the intraday resistance level with a potential re-test of the yearly highs made earlier in the month.
A test of these highs looks crucial because if the swing high resistance gives way we could see another extended leg higher.
The trend has been clearly higher on the daily chart this year and another break would expose a lot...
EURAUD has been moving in an interesting manner of late.
If you noticed on the 4 hour, a consolidation around 1.63500 to 1.6300 - with a spike up to 1.6450 and falling back into the 1.6300 - 1.6350 range thus creating a head and shoulders.
Daily - We have come into Yearly highs, with a Spike up and a bearish close on the day, forming a shooting star/bearish...
Wednesday’s FED Announcements have produced bullish action due to the statements issued. For the intermediate-term, the USD Index is likely to grind higher in anticipation of a hawkish FOMC Minutes release and upcoming September FED meeting.
The last three sessions have been big for September USD Index futures. Price has broken above topside resistance on the...
Today’s session has brought serious bullish heat to the USD/CHF. Price has steamrolled through the Triple Top Pattern (.9985-.9990) and appears poised to challenge yearly highs. A short from the Triple Top Pattern/Yearly High (1.0056) is a likely profitable trade.
Here it is:
1)Entry: Sell 1.0049
2)Stop Loss: 1.0077
3)Profit Target: 1.0021
4)Risk Vs Reward Ratio: 1/1
