WHAT HAPPENED?
Strong sales resumed last week after a short period of growth. This was provoked by the escalation of the conflict in the Middle East.
After testing and fixing the $105,800-$104,500 zone (accumulated volumes), strong volume deviations appeared, which should be perceived as protection on the part of the buyer.
WHAT WILL HAPPEN: OR NOT?
At the moment, an attempt is being made to position the volumes accumulated in the range of $105,600-$104,700 in the direction of growth. Strong support has already been formed in the area of $104,000-$102,900 (abnormal volumes).
When the four-hour candle closes above the $106,400 mark, it’ll be possible to additionally consider the zone of accumulated volumes for buys (if there is a reaction from it).
The main scenario is a long position with targets up to the nearest resistance. In case of easing of geopolitical tensions, there remains the possibility of updating the ATH.
Alternative scenario: correction to the support zone of $101,600-$100,000 (volume anomalies). With this development, a prolonged rebound is possible.
Sell Zones:
$109,000–$110,000 (accumulated volume)
Buy Zones:
$105,600–$104,700 (accumulated volume)
$104,000–$102,900 (volume anomalies)
$101,600–$100,000 (significant volume anomalies)
$98,000–$97,200 (local support)
Level at $93,000
$91,500–$90,000 (strong buying imbalance)
IMPORTANT DATES
Macroeconomic developments this week:
• Tuesday, June 17, 03:00 (UTC) — publication of the Japanese interest rate decision;
• Tuesday, June 17, 12:30 (UTC) — publication of the core retail sales index for May in the United States, the volume of retail sales for May in the United States;
• Wednesday, June 18, 06:00 (UTC) — publication of the UK consumer price index compared to May last year;
• Wednesday, June 18, 9:00 (UTC) — publication of the consumer price index in the Eurozone compared to May last year;
• Wednesday, June 18, 12:30 (UTC) — publication of the number of initial applications for US unemployment benefits;
• Wednesday, June 18, 18:00 (UTC) — publication of FOMC economic forecasts, FOMC statement, US Federal Reserve interest rate decision;
• Wednesday, June 18, 18:30 (UTC) — US FOMC Press Conference;
• Thursday, June 19, 7:30 (UTC) — publication of the Q2 interest rate decision in Switzerland;
• Thursday, June 19, 8:00 (UTC) — press conference of the National Bank of Switzerland;
• Thursday, June 19, 11:00 (UTC) — publication of the June interest rate decision in the UK;
• Thursday, June 19, 12:30 (UTC) — publication of the number of initial applications for unemployment benefits in the United States;
• Friday, June 20, 12:30 (UTC) — publication of the Philadelphia Federal Reserve's index of manufacturing activity for June in the United States.
*This post is not a financial recommendation. Make decisions based on your own experience.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.