XAU/USD 11 July 2024 Intraday Analysis
H4 Analysis:
Analysis/bias remains the same as yesterday's analysis dated 10 July 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Following bullish iBOS price has not pulled back significantly enough to indicate bearish pullback initiation.
This could indicate that price is seeking further liquidity to fuel its drive down.
Price could also create a new high, higher than the current fractal high to bring CHoCH positioning closer to current price action.
Intraday expectation: According to current price action, price to pullback to either discount of 50% EQ of the internal structure (50% EQ denoted in blue) or H4 demand zone before targeting weak internal high. However, I would personally stand aside and allow price to confirm it's intention as price has failed to print bearish CHoCH or reach discount of 50% EQ.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Yesterday's intraday expectation was not met with strong high being breached and price printing bullish iBOS, aligning itself with swing structure.
Following pullback, bearish pullback initiation began after reaction from M15 supply zone printing a bearish CHoCH to indicate, but not confirm bearish pullback initiation.
However, price could not sustain it's bearish pullback phase and has reacted from premium of 50% EQ to target weak internal high. This would bring into question if price has enough liquidity to break and close above weak internal high.
Intraday expectation: If price fails to break and close above weak internal high I would expect price to pull back to either discount of 50% EQ or M15 demand zone before targeting weak internal high.
M15 Chart:
Analysis/bias remains the same as yesterday's analysis dated 10 July 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Following bullish iBOS price has not pulled back significantly enough to indicate bearish pullback initiation.
This could indicate that price is seeking further liquidity to fuel its drive down.
Price could also create a new high, higher than the current fractal high to bring CHoCH positioning closer to current price action.
Intraday expectation: According to current price action, price to pullback to either discount of 50% EQ of the internal structure (50% EQ denoted in blue) or H4 demand zone before targeting weak internal high. However, I would personally stand aside and allow price to confirm it's intention as price has failed to print bearish CHoCH or reach discount of 50% EQ.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Yesterday's intraday expectation was not met with strong high being breached and price printing bullish iBOS, aligning itself with swing structure.
Following pullback, bearish pullback initiation began after reaction from M15 supply zone printing a bearish CHoCH to indicate, but not confirm bearish pullback initiation.
However, price could not sustain it's bearish pullback phase and has reacted from premium of 50% EQ to target weak internal high. This would bring into question if price has enough liquidity to break and close above weak internal high.
Intraday expectation: If price fails to break and close above weak internal high I would expect price to pull back to either discount of 50% EQ or M15 demand zone before targeting weak internal high.
M15 Chart:
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