Continuation of previous forex analysis – https://greedy.ro/2024/07/31/forex-potential-trading-setups-3/
DXY
For DXY, this was the previous expected move –
And the price went that way indeed. Now, I’m expecting it to continue going lower, until something changes. Right now, the trend is clear, lower highs and lower lows.
XAUUSD
This was the expected move since last post, which has worked well for now.
On weekly we had a series of bearish divergences, but we should be fine as long as price holds 2375$, I see the price being pushed higher and higher, which is good.
On daily we have support+trendline confluence, and I’ll take a long position in case we drop to the next support.
On 4H my projection from last time is currently in place, we made a break of structure with the last move up and now we are retesting the support. I haven’t entered a long position at the first retest as the move was aggresive, but now it seems to stabilise and consolidate around it.
I’m very bullish on gold and I expect a new high and until we may encounter a recession and see a dump on it, I expect it to go towards 2.7k/2.8k+.
I’m currently in a long position and I’ll further go with trailing stop.
SPX
This was the expected move since last post – I was bullish on the SPX.
This prediction failed, as the unemployment rate news has led to a huge drop in the markets. We are currently at the next support zone and we did a potential fakeout there, therefore I’ll be looking for a long on retest. The reason is that we took some liquidity over some old lows and now we are moving back up, probably short term towards the FVG created and then a retest of the support.
BTCUSD
Weekly points to a pump towards 62-63k but neutral for now, although very bullish that we took liquidity from the FVG and below the old lows. If we reclaim 63k we may see a new ATH.
On daily, we see the correction possibly ending here. I will not take a short at 63k on the daily (maybe on lower timeframes, but with a smaller position, and prepare for a SL at BE upon the initial rejection), due to the fact that we haven’t closed a daily candle below the previous lows.
