XAUUSD Short idea
A weak dollar is trying to push markets down.
USDJPY is set to be in a long position up to 113.60/114. As this pair coincides with gold, we're expecting to short this back down to its last low of 1280. This could even go lower beyond 1277 and hit daily support from October @ 1260 before seeing the upside of 1350.
A slightly deformed H&S with a right shoulder that should form as markets open. Entry is at around 1304 SL 1314/7, depending on what the entry is as it could be pushed to 1304/1307 - price action needs to be monitored before entering.
After it breaks out of resistance close half entry and enter a second sell at 1298, SL at 1304.
TP1 - 1277
TP2 - 1260
USDJPY is set to be in a long position up to 113.60/114. As this pair coincides with gold, we're expecting to short this back down to its last low of 1280. This could even go lower beyond 1277 and hit daily support from October @ 1260 before seeing the upside of 1350.
A slightly deformed H&S with a right shoulder that should form as markets open. Entry is at around 1304 SL 1314/7, depending on what the entry is as it could be pushed to 1304/1307 - price action needs to be monitored before entering.
After it breaks out of resistance close half entry and enter a second sell at 1298, SL at 1304.
TP1 - 1277
TP2 - 1260
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