Gold retest of the supply area complete, didn't have the strength to retest the Trend-line look for a continuation down to the demand zone.
Looking at a supply Zone with FIB Confluence on the Left Shoulder Area.
GCAD is narrowing itself into a symmetrical Wedge, looking for a powerful breakout to either side before buying.
EN has finally broken its epic uptrend. I see two points to enter a short here. One would be the Trendline cross section above the 61.8, the other would be a test of the 200MA sitting on the Fib confluence / Daily line. Great set up for 3 separate trades on this one over the next few weeks.
Symmetrical wedge, could go wither way, my EUR Bias is to drop so I'll short a breakout lower.
2 Entry Areas, the current Supply Zone would match other USD Pairs for sells (Such as NZDUSD) and has huge confluence on the 50% of the entire Daily Range, but Id rather it got to the 61.8 / Daily & Left Shoulder test. I'll take this if it goes bearish though.
Fib Confluence EMA Test after 'Death Cross' Retest of Broken Daily Trenbdline
Break of Trendline & retest of the 61.8 / BB 50MA Median could suggest big bearish movement for GU & GBP pairs after the surge this morning.
Bullish M forming due for completion on the 38.2 / 50% Fib Confluence PRA - Looking for third top (retest) seen regularly on this pair in recent history, or Daily hit t ocomplete formation symmetry.
Previous action on this line could suggest a strong up-move for XAUUSD instead of a mere retracement. Expect it to finish the Day above the EMA and push up-to the huge supply zone, where trend pressure could force it through. Looking for a TP around 1291 before a potential hit of Augusts top at the 1343 area
Looking for price to top out so we can collect this range with minimal risk & hope it pushes through the demand line & the PRA
I can see a Daily H&S Formation incoming on AUDJPY with the nice base of support and the uptrend being broken by the (unconfirmed) trend-line. Price is currently resisting from Fibonacci confluence of 2 x 50% and a 78.6% slightly higher, all on a Weekly line of Resistance. Also rejecting from the (unconfirmed) downtrend-line. Price also tested the 200EMA, it...
AN is so congested and horrible to digest that you have to use multiple tools to slice through the noise. So when one of my guys asked if I could look at this pair for them I got stuck in.
Is this the ceiling before another substantial drop? I see Major Divergence in this small Wedge formation with a small rejection off the 12k with no major push to get past it evident. News Outlets also playing news of the 'Next Big Short' being BTC which can only increase negative sentiment.
EU still showing Buy confirmations for the Short Term off this current area of Demand but I am wary of this Lower High and its flag potential. EUR does overall look set-up for slightly more upside over the first couple of days though.
Ok so UJ is stuck between a Rock & a Hard place. Closed Below Channel, 50%, BB Median but closed above strong support line at the 38.2. I'll give the markets time to breathe until price breaks either of these areas.
EN is still a long way from the big drop, currently residing in the topside of newly formed channel having broken the Daily which wont be beaten even with large volatility