USD Index Weekly: Mixed trading for the last 7 weeks. We are looking for further upside pressure to be limited. Trend line resistance (and a possible Right Shoulder of a bearish Head and Shoulders pattern) is located at 95.70. The 50% Fibonacci pullback level from the 103.87-88.13 move is seen at 96.00. This is our sell ‘zone’ (95.70-96.00)
Gold
Monthly: A five wave bearish pattern was completed at 1046 (Elliott Wave formation). We are holding within a range (1362-1116). Expect trading to remain mixed and volatile while we hold within the Ichimoku Cloud. The bias is mildly bullish with a potential reverse Head and Shoulders building.
Weekly: Broken the trend of higher lows (at 1242). However, we are now trading at oversold extremes. 261.8% extension of the 1366-1303 move is located at 1201
Daily: Broken out of the wedge formation to the downside. We now have a Demark 9 count (correction) on the daily chart. We look for further selling to be limited
TRADE IDEA CANCELLED – NO LONGER CLEARLY BULLISH
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