Great news all around for the indices as they reached all time high. Over the weekend, breaking news that China has officially launched use of COVID19 vaccines. Expect some boost in risk assets when market open.
Price continues to be in a range. Look out for retest confirmation at minor support (93.00) to go long towards resistance area (93.9). Otherwise, continue to await for breakout of either side.
XAU/USD (spot gold)
Last week we analysed to look for break out and retest confirmation to enter position.
We closed the trade at TP1 level.
Price has now formed a symmetrical triangle. We now await price to breakout of the pattern.
USD/JPY (exclusive trade)
We were looking for break and retest of the key area (106.45) as price breaks below the ascending triangle and formed a new descending triangle with a bearish pattern (head and shoulders).
Price has a strong bullish momentum, therefore we were looking for a break and retest of area at 2.000.
Price is now trading in a range.
For long position:
Break out of resistance area at 1.105
Reversal confirmation at 1.0868 (price must be above trendline as well)
For short position:
Break and retest of area at 1.9328 towards support area at 1.0868 (risky trade)
Break and retest of area 1.08293
Price broke out of key ascending trend line.
Break and retest of possible trend line and horizontal resistance at 1.5603
Price is short term bearish as they respect the descending break line with a head and shoulders pattern confirmation.
Break of horizontal resistance and trendline at possible area of 69.61
Retest confirmation at resistance area of descending trendline and horizontal at 69.61
Join our telegram channel at: https://t.me/traineetraders
Trade safe and stay safe traders!