price currently on neckline, breaking out of this area i doubt will be straight forward , 1 of two things , price will retrace back to resistance showed on chart and break downwards (where the first sell might take place) , if price breaks neckline immediately, initiate sell , smart stops should be placed , a bit above neckline so you don't get stopped out...
- GBP: Looks consolidated in current area. Risk either side
- EUR: Managed to pull away from the low during yesterday trading. Keep a close eye on the current area
- JPY: Risk appetite looks to be rather weak at the moment still
- GOLD: USD weakness after the data yesterday caused a bullish spike on GOLD. Interesting to see if GOLD stays in this downtrend.
Pair has manages to set new highs,gone beyond zones i previously had making them resistance , however is the run exhausted and reversal occurring at this point or just retracement before rally continuation
open for speculation
PRICE HAS WENT UP AND CREATED A RESISTANCE NEXT WEEK PREDICTION IS THAT IT TRACES BACK TO 38% OF ITS BULLISH TREND.
THIS WEEK GOLD HAS BEEN FAIRLY STABLE AND AS THE WEEK ENDS, THE PRICE HAS REACHED ITS MATURITY LEVEL(75%) AND HAS TESTED ON THE YELLOW DOTTED LINE AND WENT DOWN PREDICTING IT WILL GO DOWN AND RETRACE TO 38%/50%