2022-12-28 • Updated
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken. The formation of a wedge pattern right on top of the demand zone also serves as an additional reason to hold on to my bullish bias in the meantime.
On the Daily timeframe, Gold seems to be driving hard within the wedge as it retests the supply zone from the previous break of structure. At the moment, my overall bias is still bearish based on the DXY correlation. Let's see the lower timeframe though.
This chart gives us a clearer view of what we saw earlier on the Daily timeframe. Here however there is an interesting scenario of an induced 'false breakout'. The bias remains bearish, however, a break and retest of the wedge pattern would be a safer entry. Can the H1 timeframe possibly provide more insight? Let's see.
Here on the 1-hour timeframe we see a classic AMD schematic (Accumulation, Manipulation, Distribution - AMD), where the highlighted area serves as the supply zone, I would personally be watching out for. This would be my initial entry pending the break of the wedge pattern on the H4.
It is important to understand that the trading of CFDs comes at risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
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Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone
Bullish scenario: Intraday buys above 2160.00 with TP: 2171 and TP2: 2177 // Bearish scenario: Sells below 2177 with TP1: 2150, TP2: 2142, and 2126
This article uses price action and volume profile techniques to address a fundamental and technical perspective based on the daily chart analysis of spot gold (XAUUSD).
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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