Continuation of previous forex analysis – https://greedy.ro/2024/06/24/forex-potential-trading-setups-1/
DXY
As discussed in last post, DXY went lower and is currently at a support level.
I expect a short term bullish move and a bearish one later, but we also need to take into account the forex calendar – On 31st of July we have FOMC meeting and rate cuts, so we expect volatility in the markets.
XAUUSD – 4h
Gold hit his first correction target, confluence with the old high. Sadly, I missed the engulfing daily close on the price went higher without me. I’ll be entering a long position in case we get a retest of that support, currently we’re going towards the imbalance created with the previous move.
XAUUSD – 1h
On lower timeframes it still looks bearish until it breaks the trendline, I would like to see a liquidity sweep. This will correlate with the dollar going stronger in the first part.
We also need to be aware of a potential head and shoulders being formed. Maybe we could see a double bottom before going back up.
If we change the counting and we assume we are on the first impulse, we could also see a retracement initially and a breakout over the trendline.
Therefore, for potential trades, I’ll wait to see what the price will tell me, I’ll enter either on a breakout and retest of the trendline, or if we go lower and the support holds.
SPX – Daily
On SPX I’m already in a short position (SL BE), It looks bearish on the daily timeframe.
SPX – 4h
On 4 hours, It looks like an ABC in formation, I’m bullish on it only above 5600$.
EURUSD – Daily
On EURUSD I just closed a position I had on 4h chart, position that was opened due to the V-shape liquidity grab above old highs and going back below the resistance.
EURUSD – 4h
EURUSD looks bearish on 4h as well, but probably will go first back up to close the imbalance created, I’ll consider taking a short on it soon.
