XAUUSD

Scanning the daily time frame of Gold versus the US Dollar, we are made aware of a double top occurring at the top of a mean uptrend. Bulls have been on a tear on this commodity for 2 years. A double top is a potential bearish signal which in this case price may either reverse completely and be the beginning of a new trend or may be the start of a counter trend before the main trend ensues. Your analysis and time will guide you on which course of action to follow on the bearish move, whether the former or the latter.

SUMMARY.

Coming after the breakout we have to see our confirmation entry signal before we can open any position.Therefore continue to monitor this pair as we await further price action. 

CADJPY

Following up on this pair that we analyzed at the beginning of the month of March,our pattern was a double top that had made a weekly breakout. Our bias was that there’s a very high probability that sellers would take price lower. True to our analysis price fell into a waterfall moving for about 600 pips before hitting a bottom and forming weekly pin bar.

SUMMARY.

Following up on this pair that we analyzed at the beginning of the month of March, our pattern was a double top that had made a weekly breakout. Our bias was that there’s a very high probability that sellers would take price lower. True to our analysis price fell into a waterfall moving for about 600 pips before hitting a bottom and forming weekly pin bar.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.