⏳ Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Price Action Preview: Gold Heads Lower With Engulfing Bars

Published 03/02/2019, 03:48 AM
Updated 07/09/2023, 06:31 AM
AUD/USD
-
EUR/JPY
-
US500
-

Price Action Preview: March 3 - 8

EUR/JPY - Price Action Breaks Major Weekly Level

Price action broke through a major daily and weekly level on the EUR/JPY. Whilst we don’t often discuss the weekly charts, the weekly time frame on this pair shows this major level and the breakout the most clearly. In our recent trade ideas from January 25th, we were looking for a potential quick move into the 125.00 and 126.60 area. As you can see from the charts, the price broke through this level with strong momentum. Any quick pull-back into the old resistance and new support could provide long trade setups.

EUR/JPY Weekly


EUR/JPY, Daily


AUD/USD - Price Moving Into Crossroads

AUD/USD has been trading in a tight box for the last 17 sessions. Whilst the price is trading within an overall sideways ranging pattern, price looks to be coming to a crossroads and we may finally see where it wants to move. Before moving into this sideways consolidation pattern, the price was in a heavy down-trend since the start of 2018. If the price can now finally break out of the range and tight box price has been in, then we could see a fast break lower with potential breakout trades opening up.

AUD/USD, Daily


Gold- Price Slams Through Daily Support Level

In last week’s commentary, we posted about this market, looking to see if the price would continue higher after a small hesitation. Whilst price tested the near-term support level, it soon slammed lower and in the process broke through two major daily support levels. As you can see on the intraday 4-hour chart below; this move was very aggressive with price forming two large Bearish Engulfing Bars; BEEB’s. This breakout support level will now be super interesting to watch over the coming sessions to see if the price will make a quick move back higher and to re-test as new resistance.

XAU/USD, Daily

XAU/USD, H4

US500 - Price Testing Major Daily Levels

On February 22, we posted about watching the major daily resistance level in theS&P 500 as it looked a clear daily level for the price to move into and make a fresh re-test. The first test we saw was small with the pull-back lower a minor move. Price is now looking to make a fresh attempt at breaking higher. A break higher in the next few sessions and we could see price continue this strong and aggressive move higher that price has been moving in.

US500, Daily

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.