XAUUSD 02.24.19 #FOREX 4H / 1H
We continue with the bullish momentum, now retesting previous resistance/current support.
Rejecting the key Daily Disturbance Level, which is also a 4H disturbance level.
Price printed and closed above the consolidation range, confirming a continuation of the bullish momentum, now we wait for the proper retracement before our next buying opportunity.
The last 4H candle to close the week closed bearish engulfing, signifying more potential bearish movement, however, since we are in a bullish 4H market, the drop should be minimal.
Price is dropping towards the consolidation range, we're looking for a bounce at the relative disturbance candle support.
15 Minute
The bullish candle that slowed down the momentum of the 15min downtrend created the consolidation range, which is our key disturbance candle.
Price dropped beneath to accumulate sell orders (liquidity zone).
Once we returned and closed above, price didn't retest immediately. Look for a shift of momentum in this range.
Key fib levels at the low of the 15min candle, TP based off of the 61.8 - 78.6% retracement.
Lots of confluence at that fib range, exactly where you saw great micro suppport.
Please wait for loss of sellers' momentum before buying.
