We know there is resting liquidity above this previous high and we're still within our 4 year bull channel. I am hoping to see some consolidation in Sydney and Tokyo sessions with potential of a fair value gap forming and a sign of a market structure shift.
EURNZD has the potential to form an inverse head and shoulders, the neckline is pretty strong as it is on a resistance line with previous touches. What I am looking for from the pair is for it to break the price of the descending trend line and too retest so we then know it is a valid trend line, from here I will look to enter a short term long up to this...
We may see golds price drop to around the 1704-1705 mark, if that's the case I will be entering there as that is where my strong TL is, we should see price bounce off of this and hopefully rise up to resistance line which is where ill be taking profit,
There is a possibility of a retracement down to support line at 1.733, right now both the EURO and NZD are both sinking in price which may indicate this pair sinking down to this support line, if this is the case I will enter a long at support line with my stop loss at the daily swing low, will also look to close most of my position once it hits resistance at...
As it stands GBPJPY has currently formed a head and shoulders and has recently touched the neck line, personally I am going to wait on a sign of reversal, expect to see consolidation around resistance line at 137.12 if this is the case I will be looking to enter, If price doesn't consolidate I will be looking to enter on another touch of my trend line at a later date.
There is a possibility of a short coming up on gold once the price reaches 1704, I expect to see the price rise up to this price then sink down to around 1675, when I enter I will have a 100 pip stop loss which would then make my risk to reward on this trade be 1:3, although gold is on an overall bullish trend we have seen a lot of bearish price action recently...
There Is a possibility that a triple bottom could be forming, the swing lows of this triple bottom are around the 0.8882 point. we could potentially see the price dip below my resistance therefore making this triple bottom invalid, on the other hand if price rises I would look to enter a short term long at around 0.892 and would look to take profit at around 0.899...
As you can see by my analysis I am currently waiting for the right shoulder of the inverse head and shoulder to form, if this does so I will enter a short term buy up to my descending trend line which is when we will enter into a short, once it touches here we will expect price to bounce back down to the most recent swing low at 0.888. If we are to see this happen...
