We see here that GU could be consolidating between 1.35630 and 1.36400 for the rest of the week.
There is strong bearish momentum from Thursday's selloff and price would need to break 1.36400 for a complete change in sides.
Consolidation may continue for awhile before either breaking through resistance or succumbing to the bearish pressure it's currently under.
GBPUSD has a hurdle right at 1.364.
We are expecting price to retrace to 1.355 before going for the 1.364 level. If price retests this level and it doesn't push through, then we can see price falling to 1.343 for a bit of support before reattempting to break 1.364 level.
Price could also fall to 1.343 without attempting to break 1.364 level.
If price pushes...
USDJPY has been on an upward trend for the past month after exiting it's trading range late September.
UJ could retrace to 111.97 before continuing upwards. Given enough bearish momentum, it could also retrace to 111.54.
With the Columbus day in the US, lesser volume will be in the market and not enough to lift it on Monday. We can expect volume to pick up...
Gold had a slow upward momentum on Friday that pushed it through the 1925 minor resistance area. This increase however, was wiped out in a single day as price wanted to go south. Price pushed to 1987 after going through the 1900 key area of structure ass if it never existed.
This may mean that price will continue to head south as it has wiped out it's recent...
Gold quickly tumbled after barely making it to it's 1900 strong resistance level. A reminder that this level was touched four times before Gold was able to break it.
With the coming news we can expect more liquidity as Gold decides whether it wants to retest the resistance level at 1900 and tumble afterwards or whether it wants to continue on it's downward...
Let's look at the charts.
Gold is having lower highs whilst retesting a month old support. Is the price setting up to go down south? This seems to be the case as within the past few weeks, it has done little in retesting it's resistance. It pushes up a bit then retests the support as if trying to break through. Due to this, we can make a premature assumption that...
Gold is entering a consolidation phase. After this we will see if it will push through the resistance at 1940 to continue on an upward trend or if it will fall below 1920 and into a downtrend.
This low could not get any lower... at least, not for now. The chart does depicts a lower high which could signal a downward trend once it breaks the firm support at 0.9604. But for now, this support is showing signs that it's holding firm which gives bottom pickers a buying opportunity to step in.
AUDUSD faces a resistance at 0.6665 but is poised to break this level for further heights.
Between 0.6665 and 0.6664 are great buy in opportunities for the long ride.
GU hit a support region which immediately cause a recoil nearly erasing the losses of today.
Looking to possibly enter a swing trade with a decent buy entry.
