After price made a break higher and through the multi-year resistance level price action on the daily chart of Gold has stalled.
Price has formed multiple inside bars and has not been able to break the high of the daily candle from 8 sessions ago.
This market looks bullish whilst the support continues to hold, but the near term support does look important.
GBP/USD consolidating within a pennant (4 hour chart). RSI halfway through. The breakout will depend purely on fundamentals, such as USD strength and overall market sentiment/optimism around the COVID-19 and the global economy. Also pay attention earnings releases this week and any geopolitical tensions, will have an effect on the USD. Will have to wait and see...
The overall market in the weekly has been ranging there for a recent rejection has occurred in the weekly resistance and there's a high chance price will come back down the the weekly support. The daily chart has been respecting the 50 FIB retracements towards the down trend. Price appears to be aiming for the golden zone .5 or .6 of the FIB around so we are...
Potential short idea for GBP/USD. Before the final breakout, consolidating triangle on the 4-hour chart indicates price action may deflect off the upper trendline, thus heading lower towards either 1.255, or even to 1.252.
Note: My analysis is not professional investment advice. I do not take responsibility for any trading decisions you make ;)
Fellow Traders! I have spotted a potential trading opportunity, GBP/USD (LONG)
Consolidation & Bullish Breakthrough
Resistance at a key support level
Rejection At Fib Level 61.80
Previous Strong Bullish Momentum
EURUSD is essentially in a period of consolidation, with a slight indication of a downtrend as price has just recently rejected crossing the 13EMA. This area is green will be an area that I look for possible long trades out of throughout the week.
Daily Support Zone (1.07250-1.07960)
Daily Resistance Zone (1.09745-1.10220)
Cadjpy has reached a minor supply zone . Looking like price is slowing down after the bullish candle however, It hasn't slowed down enough for me to actually say that this supply zone will hold due to the bullish candle.
However, price has two areas of supply so if the recent one breaks than I can look towards the next supply zone and map out entries for future...