Umlingo

Umlingo

On the intraday chart , the DAX has formed a H&S pattern , that is nearly completed. This is a bearish pattern , and suggests weakness in the index. The projection of the Head from the sloped neckline , has a target at 19K. This pattern commonly has a divergence of price , with momentum and volume, as seen on chart.

Umlingo

On the intraday chart, Gold may be in midst of completing a H&S pattern. Price has formed the right shoulder peak . A Neckline is discernable. Momentum and Volume are in divergence to price. That is , there is a progressive decline in both as the price looks to form a third peak. A short trade is considered a. Aggressive - from this peak, with stop outside...

Umlingo

Gold had a fairly strong price appreciation last week, breaking out of a minor consolidation. A new ATH has formed. With the RSI printing in the OS Zone, maybe next week will see a consolidation of price as the smart money once again accumulates, before the next leg up. The bias is long, but only at a price level of 2675 - 2785 ,on a pullback.

Umlingo Updated 

On the intraday chart, Gold has spent most of the last 2 trading weeks within an accumulation pattern. For the coming week considering Gold to stay within Range - resistance coming at 2675 and the support at the unmitigated Bullish FVG 2630. With price above the 200 MAV, the bias is to the long side and retracements to the 0 - 0.25 level of this range offer...

Umlingo

The EURUSD is in an extended P wave. After forming a double top in August/September 2024 , price has moved 4 points lower. The RSI suggests price is near a low , as it has printed within the OS zone. However, price may well fall lower and test or break the supporting trendline. Liquidity zones are at 1.0770 and 1.0660 , which are the nearest swing lows of...

Umlingo

The last 3 days of the prior week are of interest. Wednesday - we see price break the prior swing low of 1.30020. Technically a confirmed close Break of Structure. This change in character of a lower low, shifts the minds of traders to a potential change in trend. This may encourage the shorts. Thursday/Friday - we see 2 inside bullish bars as price is supported...

Umlingo

On the daily chart , there exists a Bearish FVG created on 18th July 2024 , which occurred before the rapid selloff this index. Price has moved steadily up from the low of 30,364 and is within the 3rd quartile of the range pressing to break 40,000. A long opportunity may exist from the range midpoint , targeting the upper quartile of 40.200 - 41,200 , which is...

Umlingo Updated 

Gold has a daily Value Gap between $2600 and $2613. On the intraday chart we can see price consolidating, from the Bull Channel in late September 2023. We can see several support areas (fan lines) originating from the last major swing low. Looking for a scenario where price breaks Point A and searches the Value Gap ( Point C) , which is in the OTE zone for a...

Umlingo

GBPUSD has been in a wide ranging Bullish Channel since April 2024. Since then price has moved from 1.23 to 1.34. When the channel has been breached to a +or- .25 level, there has been a strong reaction to revert to the 0.5 level or cross to the opposite side of the channel. In the last trading week this pair has moved into the 0 - .25 level, finishing the week...

Umlingo

If we look at the Price Action of last week we can see 1. Price Movement - from a low of 155.15 in the London Open of Monday to a high of 161.16 in the NY AM session of Friday. Range of 600 pips. 2. Established Trendline Support - which was tested on 3 separate occasions, with only wicks breaking this line. 3. Bias Shift - to the long side on Wednesday...

Umlingo

IF we look to the Price Action of the later part of last week we see 1. Rally - on Thursday in Asian/London sessions a move from 96.06 to 97.87. 2. Base - from this high of 97.87 to 96.71 over the NY to Asian Session on Friday. This corrective pattern was a Bull Flag conferring a continuation to the upside. 3. Rally - from 96.78 - 98.30 in the London session...

Umlingo

On the intraday 1 hr chart , we can see the S&P 500 index is in a Rectangular Consolidation, with price constrained between 5616 - 5636. A false breakout occurred in the recent NY session ( Spring) , with high volume . This is a liquidity move and a bullish sign for this index. We then see an impulse to the upside on low volume ( ie. low conviction with buyers)....

Umlingo

After a long consolidation, Gold broke 2530 last Thursday and the move to the upside was sustained into Friday. Price is clearly Overbought, as displayed in the RSI. Look for price to move back to a point of Equilibrium 1. Tenkan Sen - the 9 period midpoint of price @ 2549. Close to the Fibonacci .50 level. 2. Kijun Sen - the 26 period midpoint of price @...

Umlingo

Ichimoku The Kumo sets the bias - with price above the cloud, we are only interested in buying opportunities. What are positive signs for price to appreciate 1. Thick Bullish Cloud. 2. 3 Lines pointing up - Span A ,Span B, and Kijun Sen. 3. Price above Kijun Sen. Price Action - 1. Channel - price has moved down from 1.12 to 1.10 in a descending...

Umlingo

If we consider Ichimoku analysis 1. Kumo - price is below the cloud and we should be looking for Short Opportunities. The cloud is thick , but flat in direction. This reflects the September price correction. 2. Tenkan Sen / Kijun Sen - we can see price has moved above the Tenkan Sen ( 9 period equilibrium) and settled at the Kijun Sen ( 26 period...

Umlingo

Dax is in a downtrend after rejection from 19K . Price can be seen to be in the midst of forming and Inverted Cup and Handle structure, with resistance offered by Fan 2. The Inverted Cup and Handle, if formed, suggests continuation of the downtrend. The likely target is at 18 K. Here , structure can act as resistance. It is confluent to the Fibonacci .50...

Umlingo

USDCAD is moving off the Demand Zone after a break of the Down Trend Line ( Fan1) . Price has broken Structural Resistance and is now testing it as Support. Look for a break of the second Fan Line , as price moves up to test the Fibonacci .50 level. That would be the projected Fan 3 level. The bias presently for this pair is Long.

Umlingo

EURUSD has produced a Failure Swing, which is a change of character. Price is retesting a resistance zone, which is confluent with Structural Support/Resistance. Considering price now to breakdown from this zone, and retrace towards the .618 fib level of 1.0937. The present bias is short.