On the higher time frame of D1, we can see that price has been resisted by previous D1 boxes lows.
- Price is current resisted by previous D1 boxes highs and lows and at the high of an equidistant channel.
- Pending a close below the high of Dec 2013 would firmly place price below immediate supports.
On the H4 charts, we see that price has retraced to a series of previous H4 boxes lows.
- Price previous expanded below 6 weeks lows meeting a big move criteria.
- Currently price has retraced to these H4 boxes low as a form of resistance.
On the H1 time frame, we can see the signs of a bearish move.
- Any retracement in the form of a 1234 would provide opportunity following the completion of the bearish expansion.
A tweet was also issued earlier on the move of XAUUSD.
$xauusd interest coming up as gold hit a resistance with WR2B in h1
— TerraSeeds FX Tflow® (@terraseeds) June 17, 2014
- Immediate support would be around the month low of May 2014
- Immediate resistance around 1270-75. Will update again when we see any 1234 around this zone
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