2018-05-24
GBP/JPY is approaching our resistance at 147.04 (Horizontal overlap resistance, 23.6% Fibonacci retracement) where we expect a further below this level to our support at 145.05 (horizontal swing low support). We do have to be cautious of our intermediate support at 145.96 (horizontal overlap support, 100% Fibonacci extension).
RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure, in line with our bearish view.
Sell below 147.04. Stop loss 147.65. Take profit at 145.05.
Analysis of Gold for May 24, 2018
2018-05-24
Recently, Gold has been trading sideways at the price of $1,295.00. According to the H1 time – frame, I found a broken downward channel in the background, which is a sign that selling looks risky. I also found a hidden bullish divergence and potential finished (abc flat correction), which is another sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,302.80 and at the price of $1,311.25.
Resistance levels:
R1: $1,298.40
R2: $1,303.60
R3: $1,309.35
Support levels:
S1: $1,288.54
S2: $1,282.75
S3: $1,278.15
Trading recommendations for today: watch for potential buying opportunities.
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment