2018-07-16
Recently, GBP/USD has been trading upwards. The price tested the level of 1.3265. According to the H4 time - frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found potential completion of the downwrad corrective phase (abc). My advice is to watch for potential buying opportunities on the dips. The upward target is set at the price of 1.3360.
Resistance levels: R1: 1.3240R2: 1.3250R3: 1.3265Support levels: S1: 1.3215S2: 1.3205S3: 1.3190
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for July 16, 2018
2018-07-16
Recently, Gold has been trading sideways at the price of $1,243.30. According to the H1 time - frame, I found a breakout of the bearish flag in the background, which is a sign that sellers are in control. Anyway, most recently there is an intraday upward channel in creation. My advice is to watch for a potential breakout of the channel to confirm a downward movement. The downward targets are set at the price of $1,239.00 and at the price of $1,236.15.
Resistance levels: R1: $1,242.00R2: $1,243.00R3: $1,243.50
Support levels: S1: $1,240.45S2: $1,239.90S3: $1,239.00
Trading recommendations for today: watch for potential selling opportunities.
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