In today's market review for Friday, May 22, we summarize the movements of this trading week! Weak news regarding the US currency yesterday triggered a predictable decline in the Dollar, opening up excellent buying opportunities across all instruments.
We discussed in detail the superb execution of the long setup on Gold (XAU/USD), where a 3-wave structure worked perfectly on the 1-minute timeframe. Now we are anticipating the development of wave "C" with the potential to break weekly highs! A similar situation is occurring with EUR/USD and GBP/USD — prices have pulled back to the long breakdown zone and are preparing to rise in order to close the week with a solid pin bar.
We also analyzed the breakdown of the bullish trend in Oil (we are looking for sell opportunities upon a retest), the pressure on Bitcoin within a narrow range, and the excellent technicals of the US stock indices. The weakening Dollar is pushing prices upward, and an All-Time High for NASDAQ is just around the corner!
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