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This is my analysis for XAUUSD: #forex #trading #shorts
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This is my analysis for XAUUSD:
To begin with, it is important to highlight that on the higher timeframes, this currency pair exhibits a predominantly bullish trend, indicating that buyers have significant control within the market.
Observing the price action, we can discern a bearish market structure characterised by lower lows followed by lower highs. However, this structure shifted with a strong impulsive move to the upside, effectively breaking the previous market pattern.
Analysing chart patterns, we can identify the formation of an inverse head and shoulders pattern, with the current price undergoing a correction towards the right shoulder, aligning with the 61.8% Fibonacci retracement level.
The target for this analysis is set at the top of the downtrend, which corresponds to the 2060 level.
⚠️Trading carries a high level of risk to your capital, and is not suitable for all investors. Please ensure you fully understand the risks, and do not risk more than you would be willing to lose. Vanquish Limited does not accept clientele that do not fully understand the risk involved in trading. Please seek independent advice if necessary
To begin with, it is important to highlight that on the higher timeframes, this currency pair exhibits a predominantly bullish trend, indicating that buyers have significant control within the market.
Observing the price action, we can discern a bearish market structure characterised by lower lows followed by lower highs. However, this structure shifted with a strong impulsive move to the upside, effectively breaking the previous market pattern.
Analysing chart patterns, we can identify the formation of an inverse head and shoulders pattern, with the current price undergoing a correction towards the right shoulder, aligning with the 61.8% Fibonacci retracement level.
The target for this analysis is set at the top of the downtrend, which corresponds to the 2060 level.
⚠️Trading carries a high level of risk to your capital, and is not suitable for all investors. Please ensure you fully understand the risks, and do not risk more than you would be willing to lose. Vanquish Limited does not accept clientele that do not fully understand the risk involved in trading. Please seek independent advice if necessary
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