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Snapshot: Gold, GBPJPY, USDX, DAX

By Glenn HowellForexAug 08, 2018 13:42
za.investing.com/analysis/snapshot-gold-gbpjpy-usdx-dax-200197395
Snapshot: Gold, GBPJPY, USDX, DAX
By Glenn Howell   |  Aug 08, 2018 13:42
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Gold

XAUUSD, daily
XAUUSD, daily


Anyone who trades with me knows that I’ve been shorting XAUUSD of late for the simple reason that it’s been going down.

I think the $1200 is going to come into focus soon and what happens there will be the first clue as to what is next.

Here is my approach: Firstly, price has been going down, and nothing I have seen (yet) suggests that is going to stop. I would only sell for now. However, if/when price tests $1200, I think we can expect a few things. The first is that price will dip lower – perhaps down to $1195 before any bounce is possible. There will be lots of buy orders at $1200 with tight stops just below there. Before any sustained move up can happen, I think those initial stop-losses will be gobbled up.

What happens at $1200 will be telling. If price doesn’t bounce, well, then the prevailing downtrend remains, and I’ll keep on selling.


GBPJPY

GBPJPY, daily
GBPJPY, daily


The Dragon is another pair that I’m only interested in shorting at the moment. Price has just taken out the previous low, and the chart looks weak in the lead up to this new low. Unless today’s candle snaps up, stands up and stands out in a big way, I’m still only interested in shorts on this pair.

My strategy is to sell rallies on the 4-hour chart. This way, I’m selling with the longer term-trend and trying to get it at a better price. I will target 1.4200 or maybe even 1.3900 initially.


USDX

Dollar Index, daily
Dollar Index, daily


The Dollar Index has been the subject of much discussion in our trade room. There is only one thing to say for sure – price is consolidating, and that makes this hard to trade.

My best guess is that we’re in an upward sloping channel, in an uptrend (rare, but not uncommon). My opinion at what is going on doesn’t matter at all: I would only be interested in trading the index when a breakout to the upside, or downside occurs.

The first clue that is happening will be that price manages a strong close outside of the range.

DAX

DAX, daily
DAX, daily


The DAX looks weak to me, but not yet enticing to short. I think we see a bearish push (blue arrow) and price stuck in a significant channel, maybe related to holidays in Europe.

While price remains in that channel, I’m not interested in the slightest. If/when price was to break down below it, at ideally give us a bit of the throwback to the underside, then trade on.

I hope some of this analysis is useful – if you’re interested in more check out the original article.

Snapshot: Gold, GBPJPY, USDX, DAX
 

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Snapshot: Gold, GBPJPY, USDX, DAX

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Siyabonga Mkhize
Siyabonga Mkhize Sep 05, 2018 19:06
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Is dax going up soon because i bought n am in a lose someone with any good news
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Thulani Ngomane
Thulani Ngomane Aug 09, 2018 14:57
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Thank you so much Glen
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Sandile Brandly
Sandile Brandly Aug 08, 2018 15:57
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Thank you Sir
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Kabelo Khumalo
Kabelo Khumalo Aug 08, 2018 15:37
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Thank you Glen.
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Disclaimer: Ubuntu Markets is a juristic representative of Lehumo Capital (FSB No. 44133). Although Lehumo Capital is an authorised Financial services Provider, any opinions and/or analysis contained in this article are for informational purposes only and should not be considered advice or a recommendation to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, any comments, opinions and analysis is rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any share, instrument, sector, region, market, country, investment or strategy. Copyright 2018 by Ubuntu Markets.
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