XAU/USD 17 June 2024 Intraday Analysis
H4 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Price traded to the downside, however, price was unable to breach and close below weak internal low where we saw a reaction at a H4 demand level.
Nonetheless, internal structure remains bearish, therefore, price should technically target weak internal low.
Price could potentially continue to trade bullish, react at either premium of 50% EQ or H4 supply level before targeting weak internal low.
Strong swing low is expected to hold, however, it would be worth noting the swing low must be taken as the weekly and daily TF's are both in pullback phase.
Intraday expectation: Price to target weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish iBOS following US CPI data release 12 June 2024.
Price has printed a bearish CHoCH indicating, but not confirming bearish pullback initiation following bullish iBOS.
Price has reacted from H4 POI and continued bullish to target weak internal high, however, price was unable to breach and close above weak internal high reacting at an M15 POI.
Intraday expectation: Price to target weak internal high. Price could target more liquidity by trading down to nested H4 and M15 POI's before targeting weak internal high.
Alternative scenario is price could target strong internal low as H4 internal structure is bearish.
M15 Chart:
-> Swing: Bullish.
-> Internal: Bearish.
Price traded to the downside, however, price was unable to breach and close below weak internal low where we saw a reaction at a H4 demand level.
Nonetheless, internal structure remains bearish, therefore, price should technically target weak internal low.
Price could potentially continue to trade bullish, react at either premium of 50% EQ or H4 supply level before targeting weak internal low.
Strong swing low is expected to hold, however, it would be worth noting the swing low must be taken as the weekly and daily TF's are both in pullback phase.
Intraday expectation: Price to target weak internal low.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price printed a bullish iBOS following US CPI data release 12 June 2024.
Price has printed a bearish CHoCH indicating, but not confirming bearish pullback initiation following bullish iBOS.
Price has reacted from H4 POI and continued bullish to target weak internal high, however, price was unable to breach and close above weak internal high reacting at an M15 POI.
Intraday expectation: Price to target weak internal high. Price could target more liquidity by trading down to nested H4 and M15 POI's before targeting weak internal high.
Alternative scenario is price could target strong internal low as H4 internal structure is bearish.
M15 Chart:
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