XAUUSD, Daily
Price is currently consolidating between two intraday levels at 1860 and 1820. Right now I would suggest staying on the sidelines until there are clear confirmations of a move above or below these levels. Once we see price breakthrough either level, look out for a retest then continued price action confirmations of a rejection before taking a position in the desired direction. If price does break below, a move back down to the channel's bottom looks likely.
- Bart
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GBPUSD, H4
Price failing to break above this 1.37 resistance level, we can see bearish candles forming and a continued move to the downside likely. If price keeps above the 1.362 intraday support we could still see this potential trade pop off, looking for a break and retest and continued price action confirmations.
- Bart
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EURUSD, H4
EU on the 4H chart is making a higher low this morning after hitting support. The 200 period moving average is also contributing to the uptrend as most dips come down to hit it before moving back up again. Powell plans to speak tomorrow on economic outlook going forward during the pandemic as traders expect some volatility tomorrow.
- Frank
GBPUSD, H4
Price has now reached the previous resistance in this ascending channel, if we see the break and retest then continued rejection, this could be a good position to go long as price is nearing the ascending channel’s resistance.
- Bart
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GBPAUD, H4
We can see price forming another descending triangle pattern right after the previous successful descending triangle, with support at 1.743. Price is currently around the descending trend line, which could be a great position to go short on this pair, once we see clear price action confirmations of a rejection to this level. On the other hand, we could also take another short once price breaks through the support, wait for price to retest then look out for price action confirmations of a continued rejection and go short for at least a 1:3 R:R.
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GBPUSD, Daily
We have recently seen price break through the previous higher high's resistance at 1.348, and we're currently seeing some choppy movements in the past couple weeks, with price staying below the intraday resistance at 1.37. If price continues to hold above the previous high's resistance (now new support) at 1.348, then it's a good position to go long, or once we see price break above the intraday resistance at 1.37 then with successive price action confirmations of a continued bullish move, could also be an excellent position to go long as price heads towards the channel's top.
Further Analysis:
https://a1trading.com/dec17
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GBPJPY, Daily
Price is now at the same level as the previous high in this ascending channel. Waiting for price to successfully break above, and treat as new support before going long to catch the move to the resistance of the channel.
- Bart
XAUUSD, H4
A look on the 4H chart shows some promise as we can see a trend line forming but catching resistance on the 200 period moving average. A bullish sign would be to look for a break in that level. Also, the behavior of the last 3 candles so far shows that sellers are being rejected with the long wicks forming.
- Frank
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S&P500, H4
SPX500 on the 4H chart still lies above support at 3800. There is still a chance that price will keep following the long term channel trend and come down to retest the 200 period moving average on the 4H chart. Hard recoveries from small dips in the index show that buyers are already there waiting to get back in.
- Frank
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