As I earlier indicated in my article this week, I am expecting an upward push from the Dollar as a reaction from the Demand zone I have marked out. The PPI release earlier moved prices a bit but lacked sufficient momentum to cause a significant break of structure - and thus, no change of trend.
GBP/USD: pound still strong
2019-11-11 • Updated
Technical levels: support – 1.3060; resistance – 1.3170.
- Buy — 1.3060; SL — 1.3040; TP1 — 1.3170; TP2 — 1.3240.
Reason: bullish Ichimoku Cloud, but the lines Senkou Span A and B are horizontal; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are reached the main 4H’s resistance and may correct to Tenkan-sen or Kijun-sen before continuing uptrend.
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A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
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.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances