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EUR/JPY SHORT & BEAR PLAY EUR/JPY still looks bearish on the bigger TFs like the Daily and weekly after the breakout of the ascending trendline and retest, however price is creating a similar ascending channel on the 4 hr TF with a final leg of the impulse wave setting up a completion in confluence with the resistance zone and 200 ema. Price could go either way but I would prefer to see price play out the short possibility of a break & retest of the ascending trendline and see price head back to the downside for a new lower low on the daily timeframe if we see price below the 123.600 zone. It's worth to note EJ is creating LH & LL on the daily TF.
Short
by forexlyfeanalysis
GOLD - Weekly - Multi-Timeframe Analysis Series 1GOLD has a correlation to the strength of USD, as a risk-off asset investors seek haven in the event of Dollar weakness (USD falls > GOLD rises). I'm sure there's more to it than that, be sure to check it out online for yourself. Comments As anticipated during the breakdown of the Monthly timeframe, looking at the Weekly you can see how we respected the 20/50 EMA wave and bounced to the upside. Considering the amount of deceleration looking left when we previously approached the upper level of the zone, and comparing that current price conditions, I foresee more upwards pressure this week in the form of consolidation. Monthly swings take much longer to develop and turn around than that say on of the Daily time horizon. If I am to get short on GOLD it will be after a push to the upside into the 1330 region, or below the 1280 level. The only problem with getting short below 1280 is we'd be trading directly into the 20/50 EMA wave (which is a big negative trade confluence). This is an unnecessary risk in my opinion. Key Note Taking a short at the top of the range has less risk than shorting closer to the median / Weekly mid-level of the range.
FX_IDC:XAUUSDEducation
by robdee4x
GOLD - Monthly - Multi-Timeframe Analysis Series 1GOLD has a correlation to the strength of USD, as a risk-off asset investors seek haven in the event of Dollar weakness (USD falls > GOLD rises). I'm sure there's more to it than that, be sure to check it out online for yourself. Comments The Monthly timeframe has a clear to identify trading zone from 1330 - 1180 region. Alone this isn't enough to form a thesis for the direction of GOLD in my opinion due to the level of acceleration into the resistance zone of 1330's. Looking left you can see a clean sell-off followed by a decisive buyers rally. This tells me there's interest in buying GOLD which could see prices near the highs before a fall back down to the bottom of the range. Looking at the candlestick formation at the top of the zone, we have a nice high test candle which stands out from the rest of the price action looking left. I would like to see more deceleration though before trading GOLD to the downside. The current month hasn't come to an end yet, so the most recent Monthly candle cannot be considered complete. Key Note During a ranging market, the EMA's will trade sideways and cannot be used with the same set of rules as during a trending market. If a range is formed on the Monthly timeframe however, a trend can exist on the lower timeframes. You need to be aware of your time horizons when considering confluences. Price always rules over indicators.
FX_IDC:XAUUSDEducation
by robdee4x
GBPJPY outlook (Brexit week) Looking for this to be a continuation to the downside this week. I don't really see a strong buy opportunity until price reaches this zone on the daily after price pushes through the channel floor on the daily before and price continues down to the next zone near 141.291. 4H/1H showing a setup for a pullback and continuation, Fib levels 00- 144.318, 100- 147.286 Pullback levels 23.6- 144.689 (would confirm the trend is strong) 38,2 - 145.452 50- 145.802 61.8- 146.152 Could see price consolidate between 144.146 - 145.022, definitely some short-term plays in this area of about 87.6 pips. Will be looking to take the short-term plays and work my way into the overall move. With the Brexit vote this week price will likely have an over reaction and move into a new overall trend.
by Cory4rex
GBPAUD - Longer Term Swing I have Identified a strong demand zone that if plays out could be a great entry for a longer term swing to the upside. Rally Base Rally has occurred, price has come back to re test a higher zone a couple of times which for me means there is a higher probability now that price won't respect this level. Demand zone I'm looking at is between the 1.8520 and 1.84900 level. On the Daily Chart there is a more obvious Supply Zone formed which current price is closer too.
Long
by Wonour