XAU/USD 17 July 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a swing BOS, printing an all time high.
I have been mentioning that price could be seeking further liquidity to fuel it's bearish pullback phase and price could create a higher high to bring CHoCH positioning closer to current price action to allow for a more realistic indication of pullback phase.
This again, is precisely what happened. Price has printed all time high and CHoCH positioning has been brought closer to current price action. CHoCH positioning is denoted with a blue horizontal dotted line.
50% EQ for swing structure is denoted in black. 50% EQ for internal structure is denoted in blue.
Intraday expectation: Allow price to continue it's bullish momentum and print bearish CHoCH to indicate pullback initiation.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has print both internal and swing BOS (Break Of Structure)
Price has printed a bearish CHoCH thereby confirming internal range and indicating bearish pullback phase initiation.
Intraday expectation: Price could potentially be targeting weak internal high.
Alternative scenario, price to react at M15 supply zone, pullback into discount of 50% or M15 demand zone before targeting weak internal high.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a swing BOS, printing an all time high.
I have been mentioning that price could be seeking further liquidity to fuel it's bearish pullback phase and price could create a higher high to bring CHoCH positioning closer to current price action to allow for a more realistic indication of pullback phase.
This again, is precisely what happened. Price has printed all time high and CHoCH positioning has been brought closer to current price action. CHoCH positioning is denoted with a blue horizontal dotted line.
50% EQ for swing structure is denoted in black. 50% EQ for internal structure is denoted in blue.
Intraday expectation: Allow price to continue it's bullish momentum and print bearish CHoCH to indicate pullback initiation.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has print both internal and swing BOS (Break Of Structure)
Price has printed a bearish CHoCH thereby confirming internal range and indicating bearish pullback phase initiation.
Intraday expectation: Price could potentially be targeting weak internal high.
Alternative scenario, price to react at M15 supply zone, pullback into discount of 50% or M15 demand zone before targeting weak internal high.
M15 Chart:
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