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GBP Set for Record Breaking LowsThe Pound closed weak on Friday as the bearish sentiment continues to drive the market with what appears to be a Double Top on the Daily Timeframe 1.19000 marks what could be the neckline where buyers may attempt to regain control A break of 1.19000 confirms Double Top and should trigger more shorts In September 2022 the Pound dropped to 1.0350 forming a 37-year all time low A break of this low would once again set new records First Targets will be at the September 2022 lows A break below could see the Pound trading as low as 0.98000 or lower over the next few months
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Back to 0.55000?After a rejection at 0.65000 on Dec the 13th, the sellers have stepped in and for the first time since October, price has started printing new lows. Thursday saw the market break a significant trendline which price has been respecting since October. Also, for the first time since October the market has closed the week with a strong bearish candle. A strong dollar could now be the remaining factor required to fuel a drive to the south and possibly revisit the October low around 0.55000 or lower
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Resistance at 1800For the 4th week Gold has attempted to break above 1800 and has yet again been met with resistance. The week started with a push to the upside which broke the 1800 psychological level on Tuesday with price reaching its peak on Wednesday around 1823. A rude awakening for the buyers followed on Thursday with a sharp turn that sent the price back below 1800 closing the week with a 3rd doji on the weekly timeframe. Should selling pressure remain at the level and we begin to see Dollar strength in the market in the near future, the short term narrative for gold may be negative.
FOREXCOM:XAUUSDShort
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Trend Reversal?Last week price was met with a strong reaction at 0.6500, an important level for KIWI. Last time price traded at this level was in August after which a 900 pip move to the downside followed and a bottom was later found in October around 0.5500. Since then, buyers have been in charge and have brought prices back to 0.6500. For the first time since October we have now seen the market close the week with doji candles for 2 weeks in a row. Also, for the first time since the uptrend started, we saw Thursday close with over a 100pip move to the downside (a big move for KIWI). This came following Tuesday's rejection of 0.6500 indicating the presence of sellers in this zone. A strong dollar would favor sellers to step in and push prices lower.
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4
1800 Still holdingFrom the last update a week ago price was wedged between support and resistance below 1800. On Tuesday we then saw price spike to the upside triggering buy orders as well as taking out any stop losses above the zone. Price consolidated above the 1800 zone until Thursday enticing even more buyers to go long. A strong reversal then came on Thursday which saw prices drop back below 1800 and the week closed on Friday with prices back below 1800 where it started the week. If the level continues to hold and we see Dollar strength return in the market this could very well trigger shorts on Gold and we could see lower prices in the foreseeable future. An Engulfing close below Friday's low around 1774 will be an important level for bears to watch.
FOREXCOM:XAUUSDShort
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Breakout in PlayFrom the last update a week ago price was approaching the end of consolidation inside the triangle. On Tuesday we then saw price 'Fake Out' to the upside triggering buy orders as well as taking out any stop losses above the triangle. Price consolidated above the zone for 2 days enticing even more buyers to go long. A sharp reversal then came on Thursday which saw prices drop back into the triangle and proceeded lower with a breakout to the downside. If the June low is taken out we expect the next target to be around the 1000 area which is a psychological number. As for pullbacks and opportunities to ride the trend, history shows that during trends, Etherium, just like Bitcoin usually offers shallow to no pullbacks on the high timeframes therefore looking at lower timeframes such as the M5, M15 on M30 may offer opportunities to capitalize on the move.
BITSTAMP:ETHUSDShort
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USDJPY Bear Market?USDJPY (Daily) - Last week the Yen finally broke out of the 12 week consolidation zone with a strong impulsive move that came on Thursday. We saw the move violate both the 110.500 and 110.000 levels which are important numbers followed by a retracement move which came on Friday to retest the zone. As long as price remains outside the channel, we can expect more weakness to follow as the market sentiment has now shifted from bullish to bearish at least for the forseable future. As the market opens, we can expect price to test this zone further into Monday and early this week before a potential continuation to the downside. 108.000 looks like an attractive liquidity zone for targets and take profit.
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AUDUSD at Key ResistanceAUDUSD (H4) - Last week we saw the Aussie make a corrective move back to 0.76000 following an aggressive sell off from 0.77000 the week before. The market closed just below 0.76000 on Friday with a pinbar on the daily timeframe after price tested the level from below and failed to close above. On the daily timeframe this level is also currently acting as a neckline for a Head and Shoulders which could be signalling a trend reversal for the Aussie. Should price fail to close above this level again early this week, we could see a weaker Aussie with prices sinking lower possibly to around the 0,73000 levels.
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