EURUSD | SHORT SELL OPPORTUNITYWelcome to City Traders Imperium. We will be posting our analysis on this tab so please like and comment if you like to see more of this in the future.
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SP500 WEEKLY UPDATEDear traders, the SPX recently broke the ascending trendline and, after retesting it, fell below the 100 moving average that acted as a support twice after the March fall, exactly on the top of the Fibonacci retracement area (yellow box). This is not a random level, as the market precisely set itself on a crucial level waiting for the next week results, before taking a direction.
However, the period ranging from Nov to Dec is statistically a moment.
The upcoming US election and its related uncertainty make us propend for a flat-bearish scenario, at least until the mid of the next week.
The possibility is that the price will fluctuate inside the area 3230-3300 (red box) with traders benefiting from the ranging price. The first of the two levels that will be broken, will indicate the direction of the following move.
GBPUSD NEXT SESSION IDEAS (Long)ANNNNNNND WE ARE back with another idea snpiers. Tonight's idea involves longing this pair aas i think we will be seeing som upward action over the next couple of hours, leading us into the london session.
As we can see here in my analysis, i have the trend channel which this pair is relatively stuck in and we just bounced from the trendline not too ling ago. Currently waiting for a break of the higher resistance levels so we can ride the wave up and lock in som enice profits. If we use another indicator, we can take a look at the EMA's I have marked on my chart and see the crossovers are developed which makes it more safe to assume that we will be going up.
If there is rejection at the first resistance i have marked, then i will wait for a confirmation of a sell and post it on here, but as of now im feeling the long position more than a short.
Thank you guys for stopping by and checkin out the idea, stay posted on my channel and dont be afraid to follow my trading view for more ideas, I will be trying ot post in the morning before NY session, its just hard waking up to post sometimes LOL i just want to focus but i got you guys!
GOLD - WEEKLY UPDATE
Dear Traders, even on a red day, gold managed to hold the 1917-1922 area of resistance during its attempt to test the 50d moving average.
This area, identified by two red horizontal lines, is extremely important as it acted as a support for over one month, and now, after what we can call a "fake breakout" of the descending triangle, the price is back up.
TARGET
As long as gold manages to stay above 1917, out target is long to the 1940-1960 fiboacci extension area, identified by a red rectangle on the chart. If the view is bullish, then this is the perfect point for a Long.
Our mental Stop Loss is located at 1915.
THE ALTERNATIVE SCENARIO
Should the previous scenario not play out, with the price breaking below 1917, it can retest the descending trendline that was broken upward by the Friday's candle, probably at the psychological level of 1900.
WHAT TO PAY ATTENTION TO
Tomorrow at 2.30pm CEST, data about US inflation MoM will be released. This is particularly important for gold as a low inflation lowers the cost of holding gold. If as, expected, inflation will be 0.2%, halved from the last month, it will be another positive factor.
Also, the sensation is that, with the US election approaching, Gold will be bullish as long as the SP500 will be. Indeed, at this moment, higher SP500 price is also perceived as increased future downward risk. For this reason, much attention has to be given to SPX first, as it seems the leading market for all other instruments now, even for Bitcoin.
GBPJPY - Daily 24 AugThe price broke the channel downwards. We expect a retest of the channel and of the PoC where the battle between sellers and buyer occurs. Should the downward pressure be confirmed we see the pair to reach the level 137.795
EURUSD - what to expect next week (24-28 Aug)After a month of sideways price action, it is amost time for EURUSD to pick a direction.
Indeed, as we can see, the price will face a compression soon as the ascending trendline and the channel midline are about to meet. This attention area is indicated by the orange triangle. The direction of the breakout will most likely indicate which side of the channel be broken also.
This compression will lead the breakout to reach the respective target box.
Great Supply Levels to sell the SPX IndexAs we can see on the daily chart, the SPX500 has a great recovery after the massive drop a few weeks ago.
The price now getting close to supply - 1 that is a great level to sell SPX500.
If the price will breakout this supply toward up I'll close this position and I'll open a new sell position if the price reach to supply -2.
Both options are relevant for swing or long term traders.
