XAU/USD 13 August 2024 Intraday Analysis
H4 Analysis:
Analysis/Bias remains the same as yesterdays analysis dated 11 August 2024
-> Swing: Bullish.
-> Internal: Bullish.
Following price printing bullish BOS price pulled back to discount of 50% EQ before targeting weak internal high.
As previously mentioned, bullish momentum and pro swing/internal structure was unable to break and close above weak internal high, which could be an early indication that bearish pullback phase is incomplete and price will seek further liquidity before targeting weak internal high. This is what price printed according to my analysis.
Intraday expectation: Price has reacted at an H4 demand level, therefore, price to target weak internal high.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As per previous analysis, particularly alternative scenario, which was: We need to bear in mind that internal H4 structure is bullish with bearish pullback phase currently underway and could potentially be complete after reacting at H4 demand level.
This is exactly how price printed.
Price has printed a bearish CHoCH following bullish iBOS which indicates bearish pullback initiation.
Internal structure is substantial, therefore, I have had to to zoom out so you may obtain a better view.
Intraday expectation: Price to continue bearish, react at either discount of 50% EQ or M15 demand level before targeting weak internal high.
M15 Chart:
Analysis/Bias remains the same as yesterdays analysis dated 11 August 2024
-> Swing: Bullish.
-> Internal: Bullish.
Following price printing bullish BOS price pulled back to discount of 50% EQ before targeting weak internal high.
As previously mentioned, bullish momentum and pro swing/internal structure was unable to break and close above weak internal high, which could be an early indication that bearish pullback phase is incomplete and price will seek further liquidity before targeting weak internal high. This is what price printed according to my analysis.
Intraday expectation: Price has reacted at an H4 demand level, therefore, price to target weak internal high.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
As per previous analysis, particularly alternative scenario, which was: We need to bear in mind that internal H4 structure is bullish with bearish pullback phase currently underway and could potentially be complete after reacting at H4 demand level.
This is exactly how price printed.
Price has printed a bearish CHoCH following bullish iBOS which indicates bearish pullback initiation.
Internal structure is substantial, therefore, I have had to to zoom out so you may obtain a better view.
Intraday expectation: Price to continue bearish, react at either discount of 50% EQ or M15 demand level before targeting weak internal high.
M15 Chart:
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