XAUUSD Intra Day Outlook 27/04/20
Please focus on the 2 golden-dashed lines as the lower one represents the previous structure high on the weekly. Market has broken these highs and retested them. Essentially a broken resistance turned support. However, what is worth to note is that after retesting, the market failed to create a HIGHER HIGH.
Trade Idea: RTO formation on the H4, which matches the broken resistance turned support, hoping it'll retest that area. Applying Fibonacci from low to high, the critical levels also sit near the RTO demand zone. Would be looking for buying evidence there.
Trade Idea: RTO formation on the H4, which matches the broken resistance turned support, hoping it'll retest that area. Applying Fibonacci from low to high, the critical levels also sit near the RTO demand zone. Would be looking for buying evidence there.
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