Market bought corrective into Monthly OB for a retest. Also, we have psychological level 1.0000 at this OB. We are also seeing trendline confluence supporting our Sell bias.
Market could fall to 0.9000. We should also take note of how price reacts with the lower trendline of the inside channel.
*** This is just my opinion. It doesn't serve as financial advice ***
From the previous idea on Gold, any Long-term SELL on gold should only be considered if the lower trendline (orange) is broken.
A Buy could happen at the Retest Line(ash), Or price could break lower into the blue trendline for a Bounce.
This is just my personal opinion. It's not to be taken as financial advice.
Price is approaching resistance which also acted as shoulders in the head & shoulders pattern seen in our daily chart. Also, we have our upper trendline around this zone which we expect price should coincide with as it throws back into the zone. Another sell confluence is the blue trendline currently being retested.
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We saw a structured corrective Buy into the weekly High, which also caused a fakeout but held at the -0.272 fib extension. ETHUSD is expected to at least sell into the support at the 50 fib level
XAUUSD is currently rejecting the upper trendline of a Bullish Continuation Triangle. Though it is expected to at least sell into one of the marked zones, Long-term SELL should only be considered if the lower trendline is broken.
A Bullish Reversal Pattern at the zone(s) could eventually cause a breakout from the Triangle.
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The recent pullback on GBPJPY brought price back to retest the trendline drawn from the low of 21st September. We could just be looking at a double bottom forming at this level of trendline retest.
There's a good pullback on GBPJPY into the ascending trendline drawn from the low of 21st September. Price seems to want to retest this trendline with a double bottom. If you like this idea, please, don't forget to like and follow
