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EURUSD Key LevelsHappy Sunday Traders! Fundamental Analysis: On Thursday, European Central Bank Governing Council member Klaas Knot noted that the ECB could end its bond-buying program earlier than planned if inflation continues to surprise the upside. Knot further argued that it was appropriate for the ECB to prepare for gradual monetary policy normalization. Although these remarks helped the shared currency find some demand, the dollar's resilience limited EUR/USD's upside Technical Analysis: EURUSD is currently ranging between 1.11870 (Support Zone) and the price is currently in a Resistance Zone (1.134 - 1.139). Anticipating that price will break above this resistance zone. I will be looking at lower timeframes for possible long trades to the upside.
by Deensesay
XAUUSD Intraday AnalysisHappy Sunday Traders! Fundamental News: Initial fears of the Omicron variant on Friday the 26th boosted the value of the yellow metal due to its inverse relationship with treasury yields, with the 10-year yield dropping around 23 basis points from Monday to Wednesday. Likewise, the US dollar traded lower over the same period which further elevated gold prices due to the metal being priced in dollars. As the week progressed early anecdotal evidence regarding the mild nature of symptoms generally observed in patients reached the newswires, somewhat putting markets at ease. Thereafter, gold moved lower which could be telling about how markets perceive the yellow metal and the future path of interest rate hikes which is ultimate to gold's detriment. Technical Analysis: Gold is currently in an Uptrend heading towards the 4HR Resistance Zone (1790.690 - 1800.120). This level has been tested multiple times in the past making it a great area to look for counter-trend. I'll be looking for counter-trend opportunities on lower timeframes. 4HR Resistance Zone (1790.690 - 1800.120) 1HR Support Zone (1766.350 - 1770.200)
OANDA:XAUUSD
by Deensesay
XAUUSD AnalysisFundermental Overview- Gold price is reversing from monthly highs just ahead of the $1800 mark, as the US dollar rebounds in tandem with Treasury yields amid the upbeat market mood. Robust US corporate earnings douse fears over growing inflation risks, boosting the investors’ sentiment at the expense of the safe-haven gold. Meanwhile, failure to find a hold above the $1800 mark pushes gold price lower, as traders await the US consumer-centric data for a decisive move in the bright metal. Technical Analysis- Gold has just crossed below the 50EMA, signifiying the start of a Downtrend. Price is currently below the 50 EMA and close to the Daily Support Zone (1745.640 - 1751.560) which has been tested multiple times in the past, anticipating a great area to buy with price action patterns. I'll be waiting for price to reach thid level and then look for counter-trend opportunities on the 1HR chart this week.
OANDA:XAUUSD
by Deensesay
GBPUSD Live TradeOn my analysis released yesterday I gave my overview on GBPUSD and where I believed price would be moving towards during London Session. GBPUSD is currently in an downtrend alongside was @Daily Support Zone which has been tested multipe times in the past, making it a great area for counter-trend opportunities. Daily Support Zone (1.35640 - 1.36220) During the London session, markett did a 1,2,3 Engulfing Candlestick formation! Entered @ close of Engulfing Candle, Indication of a reversal to the upside. SL- 39 Pips⛔️ TP1- 39 Pips✅ TP2- 78 Pips✅ TP3- 117 Pips✅ First 2 TP Levels have been hit! Stop Loss moved to Breakeven and last position running
Long
by Deensesay