XNGUSD ready to reverse recent downtrend LONG
Updated
GLOBALPRIME:XNGUSD
XNGUSD a few weeks back downtrended afer breaking the neckline of a head and shoulders pattern down to
the support of a double bottom formed in early August. Volume profiles are added to the 30 minute chart.
I see an uptrend retracement of the recent downtrend and accordingly the following:
Stop Loss at 7.64 just below the recent swing low
Target 1 8.59 the bottom of the high volume areas and near the Fib 0.382
Target 2 8.84 just under the Fib 0.50
Target 3 9.15 just under the POCs of the volume profiles and the neckline of the head and shoulders pattern.
Fundamentals: decreasing DXY will cause a relative rise in commodities; winter is coming storage of compressed NG
is underway and increasing demand.
All is all, this forex pair is ready for a long trade.
XNGUSD a few weeks back downtrended afer breaking the neckline of a head and shoulders pattern down to
the support of a double bottom formed in early August. Volume profiles are added to the 30 minute chart.
I see an uptrend retracement of the recent downtrend and accordingly the following:
Stop Loss at 7.64 just below the recent swing low
Target 1 8.59 the bottom of the high volume areas and near the Fib 0.382
Target 2 8.84 just under the Fib 0.50
Target 3 9.15 just under the POCs of the volume profiles and the neckline of the head and shoulders pattern.
Fundamentals: decreasing DXY will cause a relative rise in commodities; winter is coming storage of compressed NG
is underway and increasing demand.
All is all, this forex pair is ready for a long trade.
Trade closed: target reached
XNGUSD got a quick uptrend. The possibility of a rail strike has caused possible fundamental macroeconomic catalytic influences since supply cannot keep up with demand when NG cannot be shipped. Outcome uncertain. Increased volatility. Trade carefully.
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