We're finally back into normal trading after the 4 day Easter break the Markets had. Today marks the first full trading day and we expect volatility to begin increasing!
First lets begin with data, for the day ahead there isn't much going on as the RBA meeting already happened in the Asian trading session, but the week does get interesting especially on Thursday where we get the ECB and FED minutes!
Nevertheless, the markets are due to move with traders coming back in full force!
If this is the first time you're reading this post, here's a heads up on the way we trade:
At PrimedTraders we focus on the recent momentum of the asset, specifically the last 2 major plays it had, the recent highs and lows and we determine our key levels based on that, while the second approach is focus on pure momentum, meaning if something is moving with force in one direction, we look to buy the dips and sell the swings! - Learn more on our free course.
XAUUSD: Bullish trend expected to continue
Chart link: https://www.tradingview.com/x/wIqqTP1p/
Gold has recently been making an aggressive recovery, but we are very close to it's previous range. We believe price can remain bullish and to the upside, but dips are expected.
Right now, at the time of writing, XAUUSD is at the 38.2% fib of the current high to the recent low, but if that doesn't hold we would expect to see a bearish push to 1724.7 where we will wait for indicators on the minute charts to, most likely, execute a long.
WTI: We're out of the volume value area, bearish play is possible
Chart link: https://www.tradingview.com/x/wyPzBtgF/
WTI has been under strong pressure after the OPEC meeting, we are right now out of the volume range and at the first layer of the fibs, 54/61.8% where we do see a possibility of downside.
The overall trend, 1D and 4H, is very bullish and what we see now can be just a basic correction in its bullish trend, but anyway, all we care about is profits today... so if WTI shows bearish signs, we'll keep shorting!
GBPUSD: Bullish momentum to continue
Chart link: https://www.tradingview.com/x/iXjO45EE/
The GBP is the strongest pair today so far, and that is according to the FX heat map, we use barchart.com to find the main movers.
We see good levels of buying, they are quoted with the black and white text, and they both line up at fib levels.
The upside profit target would be set at R3 of the pivot points.
Thats all we got for you in this post! Make sure you come back tomorrow before the London open, 08:00 gmt, for another and more comprehensive dose of charting information! Seize your trading!