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 Gold analysis for August 19, 2014

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painofhell



Male Posts : 668
Birthday : 1990-05-18
Join date : 2014-08-16
Age : 26
Job/hobbies : forex

PostSubject: Gold analysis for August 19, 2014   Tue Aug 19, 2014 5:44 pm

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Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price was tested and rejected from the level of 1.5843. Price has been successfully rejected from our Fibonacci retracement 61.8% at the price of 1.5900, which caused the price to start with downward movement. I have placed Fibonacci retracement to find support levels and I got Fibonaccci retracement 38.2% at the price of 1.5710 and Fibonaccci retracement 61.8% at the price of 1.5595. Watch for potential selling opportunities after retracement. So, if the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 1H timeframe, we can observe absorption volume since buying climax got abosrbed by sellers.

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement

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Gold analysis for August 19, 2014

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