XAU/USD 18 July 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a swing BOS, printing an all time high.
I have been previously mentioning that price could be seeking further liquidity to fuel it's bearish pullback phase and price could create a higher high to bring CHoCH positioning closer to current price action to allow for a more realistic indication of pullback phase.
This again, is precisely what happened. Price has printed all time high and CHoCH positioning has been brought closer to current price action. CHoCH positioning is denoted with a blue horizontal dotted line.
50% EQ for swing structure is denoted in black. 50% EQ for internal structure is denoted in blue.
Price has printed a bearish CHoCH indicating bearish pullback phase initiation, however, price has been unable to sustain it's bearish pullback phase and seems to be targeting the weak internal high.
Intraday expectation: Price has been unable to sustain it's bearish pullback phase. I would therefore stand aside an wait for price to confirm. It may be possible that price will print a higher high which would bring the internal low closer to current price action allowing for more realistic confirmation of bearish pullback phase initiation.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has printed a bearish iBOS which confirms swing pullback phase initiation of the swing structure and has also confirmed swing range, however, I will be monitoring this.
Intraday expectation: Internal structure is bearish, swing and internal high are positioned the same making swing high weak but the internal high strong. I would therefore stand aside and wait to see how price reacts at M15 supply level before taking action.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a swing BOS, printing an all time high.
I have been previously mentioning that price could be seeking further liquidity to fuel it's bearish pullback phase and price could create a higher high to bring CHoCH positioning closer to current price action to allow for a more realistic indication of pullback phase.
This again, is precisely what happened. Price has printed all time high and CHoCH positioning has been brought closer to current price action. CHoCH positioning is denoted with a blue horizontal dotted line.
50% EQ for swing structure is denoted in black. 50% EQ for internal structure is denoted in blue.
Price has printed a bearish CHoCH indicating bearish pullback phase initiation, however, price has been unable to sustain it's bearish pullback phase and seems to be targeting the weak internal high.
Intraday expectation: Price has been unable to sustain it's bearish pullback phase. I would therefore stand aside an wait for price to confirm. It may be possible that price will print a higher high which would bring the internal low closer to current price action allowing for more realistic confirmation of bearish pullback phase initiation.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price has printed a bearish iBOS which confirms swing pullback phase initiation of the swing structure and has also confirmed swing range, however, I will be monitoring this.
Intraday expectation: Internal structure is bearish, swing and internal high are positioned the same making swing high weak but the internal high strong. I would therefore stand aside and wait to see how price reacts at M15 supply level before taking action.
M15 Chart:
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