XAU/USD 16 July 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
I have previously mentioned on a few occasions that I was concerned that price has not pulled back deep enough into either discount of internal 50% EQ or tapped in to any POI's.
I also mentioned that price could be seeking further liquidity to fuel it's bearish pullback phase and that price could create a higher high to bring CHoCH positioning closer to current price action to allow for.
This is precisely what happened. Price has printed a higher high and CHoCH positioning has been brought closer to current price action. CHoCH positioning is denoted with a blue horizontal dotted line.
Intraday expectation: Allow price to continue it's bullish momentum as price could potentially print a further higher high which would bring CHoCH positioning even closer to current price action.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Yesterday's intraday expectation was not met with price breaching strong high printing a double bullish iBOS.
This was not unexpected H4 was continuing it's bullish leg.
After bullish iBOS price printed bearish CHoCH, traded down to discount of 50% EQ and reacted at M15 POI.
Intraday expectation: Technically, internal structure is bullish and price is obviously targeting weak internal high, therefore, price should print a bullish iBOS.
However, we need to remain mindful that H4 could initiate pullback at any moment, therefore, limiting M15 bullish momentum.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
I have previously mentioned on a few occasions that I was concerned that price has not pulled back deep enough into either discount of internal 50% EQ or tapped in to any POI's.
I also mentioned that price could be seeking further liquidity to fuel it's bearish pullback phase and that price could create a higher high to bring CHoCH positioning closer to current price action to allow for.
This is precisely what happened. Price has printed a higher high and CHoCH positioning has been brought closer to current price action. CHoCH positioning is denoted with a blue horizontal dotted line.
Intraday expectation: Allow price to continue it's bullish momentum as price could potentially print a further higher high which would bring CHoCH positioning even closer to current price action.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Yesterday's intraday expectation was not met with price breaching strong high printing a double bullish iBOS.
This was not unexpected H4 was continuing it's bullish leg.
After bullish iBOS price printed bearish CHoCH, traded down to discount of 50% EQ and reacted at M15 POI.
Intraday expectation: Technically, internal structure is bullish and price is obviously targeting weak internal high, therefore, price should print a bullish iBOS.
However, we need to remain mindful that H4 could initiate pullback at any moment, therefore, limiting M15 bullish momentum.
M15 Chart:
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