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Gold's longterm update.Channel,elliott and Fibonacci levels.Technical analysis is a powerful tool for creating a better sense of the market and making some predictions based on price actions but it's useless or it has minor importance when a big news with catalystic role appear. XAU/USD seemed unable and weak to break and mostly established the 1263$ level resistance being in a shakeout area for 20 days more or less. First it was the US descision to launch cruise missiles on a Syrian base that helped XAU/USD reach the 1271$ level intraday but then the selling power sent back the price back at 1253$ level,once again bears confirmed their dominance at these levels. Two days later president Trump decided to provoke North Korea through twitter,as it's logical with war possibility rising at the background XAU/USD finally took this extra push it was needed to break and established the 1260$ area for good. XAU/USD now is at 1287$ and try to break that resistance that it holds since 2016/11 to reach the highs of 1315-1320 area. As i mention before at my articles published at 26 January of 2017 and 26 march of 2017(SEE RELATED IDEAS BELOW) we had a 5 Elliott waves structure and now we wait the ABC correction waves before making new highs. Remember that these violent rallies may favor the short-term trader but the same way the went up they can come down due to absence of supports,so be careful with your trades at these moments of extreme volatility due to geopolitical reasons. I believe we might reach the 1315$ area where we have the 23,6%FIB level and a strong reistance and then i expect a pullback as i show at the chart until 1240$ levels near lows of wave 4. TECHNICALLY We can see at the chart the 5 Elliott waves and the corrective waves ABC. We can also noticed the ascending channel of XAU/USD. Fibonacci levels well repsected. LEVELS TO WATCH: BULLISH SCENARIO: 1290$ GOOD RESISTANCE 1315$ GOOD RESISTANCE AND 23,6% FIB LEVEL 1370$ PREVIOUS HIGHS BEARISH SCENARIO: 1278$ GOOD SUPPORT AND 38,2% FIB LEVEL 1263$ VERY STRONG SUPPORT 1253$ VERY STRONG SUPPORT AND 50%FIB LEVEL 1233$ SUPPORT 1222$ VERY GOOD SUPPORT AND 61,8% FIB LEVEL 1200$ GOOD SUPPORT PSYCOLOGICAL LEVEL 1185$ YEARS LOWS HAPPY TRADING GUYS!
OANDA:XAUUSD
by The_Greek_Trader
2
GBP/USD Closed In ProfitHey Traders, We have closed our GPB/USD trade from yesterday in profit. The reason for the close is that price action has twice rejected the 1.27000 level and we now await a break of this level to resume our buy bias. On another failed break we will consider selling at this level as buyers maybe exhausted and the market will need to drop before buyers re-enter. We of course are led by the market and will inform of when we see a signal to enter again. We captured 82.6 points from this trade which is a great start to the week. We hope you managed to make gains on this pair today as well. Do look out for further trade ideas from us over the course of the week. Trade brave.
by EuroDollarExpert
EURJPY Break-out Performanced (Part II - Continuation)Breaking down the long-term short of EURJPY as described in the " EURJPY going short " idea (see below) as well as the initial break-out performance, we have come to witness a possible continuation in a similar fashion. Note that the long-term trendline forming the top wedge (based at 121.977) is still strong for a new-forming, even-bigger wedge, with the 120.806 price tag being the new base, which is the opening price on BRExit offering first "serious" structure support. The above is also supported by market conditions on Daily charts that show real lack of buying power (seriously overbought) by means of RSI/Stochastic. Conveniently enough :D the above speculation will conclude 1st performance target as described on the " EURJPY Break-out Performance " idea (see below) that was nearly missed at first go. There will be some resistance from EUR, we are in for a bumpy SHORT ride (scalping opportunities?) but, for the time being, I cannot foresee anything that may reverse back to LONG (trend not just a retrace). I would expect a solid retrace (min. 118.000) of that straight bull trend of the past few weeks, over the next few weeks before it shoots back to the stars. Lets wait it out... Since sometimes we all live in our small fantasy bubbles so, all feedback is appreciated.
Short
by Telson
1
EURJPY Break-out PerformanceLooking a few days back, there is a excellent morning star signal that does not quite come through until the news today where the 123.000 level was retested (false break). Looking at the structures performance there is still a bit left to go with open retracement opportunities (scalping short-term buys). Price expected to reach the 120.800-120.750 range where the should be some support for the buyers from older structure (Opening Price on 24/06/2016). Having passed this I do not see any reason not to reach the 120.000 -ish level. Hope you made your pips today.
Short
by Telson
USDCAD LONG Rally Is ON: Here's Where to Add!Hey traders! We're enjoying a great rally on the USDCAD. This is it if you missed it: Here's where it gets a little more exciting. We're looking at consolidation after wave-((3)). A nice triangle formation is telling me we will see continuation after completion of the E leg. So, what does that mean? I want to add more to this position at wave-E! Also, our invalidation levels have moved, so we can now move our stop loss to just below the second invalidation level. This is the level at which the trade will no longer be valid and we will have to recount knowing this is no longer a five wave impulse. I am adding to the position, but not more that would make this level unprofitable. PS: Since waves one and three are roughly equal, I expect an extended fifth wave. Commodity-driven currencies tend to behave this way. It is not a guarantee, just a guideline. I will likely keep same target but will update if I hold longer than the idea describes. Happy trading!
Long
by glennmercer
5