Umlingo

Umlingo

EURCHF is in a long term downtrend. We have seen a recent rally from .9300 rejected of the Supply Zone at .9580. The market structure is contained , with the prior swing high intact. Price is now moving back towards the Demand Zone , within a defined Channel. The near term outlook is biased bearish , and opportunities sought to go short off trendline...

Umlingo

On the 4hr chart EURAUD has made a confirmed H&S formation. A defined sloped neckline is apparent. Price has broken and now recently retested this neckline. Look for further downside , to the underlying support at 1.6100.

Umlingo

The last 5 candles are of interest 1. Thurs 15th August - we have a bullish trending candlestick , which is the Mother bar 2. Fri 16th August - prints an inside bar 3. Mon 19th August - is a Fakey , with a bullish pin bar that fails to break to the downside. This is a false break or bear trap. 4. Tues 20th and Wed 21st - pretty much mirror image inside bars....

Umlingo

Gold since breaking the 2500 level, has consolidated within a Descending Triangle. This is usually a bearish pattern, however it is presently occurring in an uptrend. Look for the upside breakout. The target is the equal extension of triangle height. This may be around 2540.

Umlingo

On the 4hr chart this pair has formed an Inverted Cup and Handle Structure. This is a Bearish Pattern , and looking for price to shift down. The target is the equal extension of the Cup , around 1.1040.

Umlingo

Gold has made a strong move in the last trading session to break $2500 . For the coming week, looking for a continued Rally from this Base . Using Fib Extensions a possible price target range of $2550-$2575 .

Umlingo

Technical - Pennant In October 2022 the AUDUSD went into a multiyear Pennant formation. Price has been locked between .6170 and .7155. We have recently seen price rejection of .6350, and significant buying volume enter the market. Price has again moved above the 200MAV. In the coming week we are likely to see continued strength in the Aussie , as a likely V...

Umlingo

The HK33 index is in the 4th leg of a major consolidation, that commenced in early 2022. This will likely be an ABC impulse A Wave - From Jan - May 24, 2024, this index rallied from mitigated demand at 15,000 to approach 20,000. B Wave - a corrective phase Jun- August 2024. C Wave - the next impulse to complete this calendar year, will likely see index move...

Umlingo

On the 4hr Chart we can see following a Drop in price, the formation of a Pennant. We look for a breakdown, as the pattern suggests continuation. The RBNZ Interest Rate Decision is within the hour. It should provide the catalyst to propel the Kiwi. A break of 1.0900, should see 1.0850.

Umlingo

Gold has made a strong move on Monday and Consolidated yesterday. On the 4hr chart, this price action forms a Flag. This pattern is bullish and a sign of price continuation. There should be heightened volatility tonight. The catalyst to propel Gold to 2500 and beyond will be the US CPI print. If inflation ticks lower, say YoY (July) 2.8%, Gold will rally. The...

Umlingo Updated 

AUDUSD is in consolidation at the near Supply Zone at 66.00. Looking for a break to the overlying Daily R1 pivot at 66.30 and possible move to the next Supply zone at 66.50. A spike in Volume , will be beneficial to support a valid breakout. Short term bullish bias.

Umlingo

As the S&P 500 approaches 2400 ( Resistance Level) and interim Supply Zone, on the 4hr Chart we can see 1. Since last Friday price entering a consolidation, with progressive formation of Descending candles. 2. This structure looks a lot like a Rising Wedge. If not this, then it certainly is a rising channel, which is usually in the context of an uptrend, a...

Umlingo

If price is the vehicle, then Volume is the Fuel. After a false breakout of the Triangular Consolidation, EURUSD has had a minor drop and now moved into an extended rectangular consolidation. This consolidation is a continuation pattern, that should be completed with a definitive breakdown. So why is price hanging around the Supply Zone ? Maybe the Smart...

Umlingo Updated 

Gold on the Short Term Chart in the Tokyo Session is forming Inverted Cup and Handle. This is a bearish continuation pattern, and price expected to move down to the Daily Central Pivot around 2456 , which is the nearest Demand Zone. After this, a move towards the Daily R1 at 2488

Umlingo

EURGBP is consolidating in a rectangular formation - .8545 - .8570. Following a Drop, this consolidation is a continuation pattern, suggesting a further Drop. Before that, look for the Smart Money to trap bulls with a false break to the upside. Most likely in the London Session, as per yesterday and a move towards the Daily R1 Pivot. The false break would be...

Umlingo Updated 

Gold is presently 2428. HTF - 30 min chart The market on an intraday basis is on an uptrend, as we can establish HH and HL after the Double Bottom of last Wednesday. Daily Pivots are in place. We can see the Central Pivot is 2428 and it is above the Central PIvot of the last trading session. This supports the bullish bias. SUPPLY/DEMAND - Two Demand Zones...

Umlingo

XTIUSD made a strong move off 73.00, printing 4 out 5 bullish candles for the week. Expecting much the same the coming week, as price retraces to the Mean of 79.50. The prior two price waves had a duration of 22 bars to move between Supply and Demand. Given this, XTIUSD could arrive at the Supply Zone of 83.00 in another 17 bars.

Umlingo

Last Monday Price confirmed a Gold Double Top, meeting most parameters Second Peak 1. Had a Highest High testing the Upper Shadows of the First Peak High. 2. Price respected the Highest Close of the First Peak. 3. Confirmed Neckline. Volume was the only issue, as the Second Peak printed a Higher Volume, suggesting that Buying interest was higher. Late in...