Despite the strong support line, yesterday the price collapsed to a large volume.
Despite the price drop, I still expect its new growth in the near future. The main reason for expecting growth is a rather strong support initiation, in the area of which the price is now. This line has been in existence for over a year, since February 2020.
There is a possibility of temporary support to the suggested trends support lines. If so, traders can set orders based on Price Action and expect to reach short-term targets.
NZD/USD is in an uptrend, and the continuation of the uptrend is expected. ( I will show you zoom out in the comment )
. The RSI is at 30
GBPUSD broke out of the descending trendline, potential bounce expected !
Thanks everyone for tuning in to today's analysis . If any part of this video is unclear, please ask me for in the comment section below. If you found today's video useful in any way, please "like" this video and leave a comment on what currency pair you'd like me to analyze next too.
In this video, I explain why I think we could be in for a swing to the downside for this pair and see price take out the previous lows and eventually reach 1.19000.
Thanks for watching!
Leave a comment if you agree, disagree or have any questions:)
USDCHF Forecast 02 03 2021
During the growth in an uptrend, which originates in December 2020, the price broke through the support zone of 0.904 and then came to the resistance zone. This zone consists of the resistance line of December 2020 and the strong level of 0.918. The price is on the line right now, but I expect it to rise a little more and be able to...
I really like how EURUSD reacted to this falling trend line on 4H.
With such a strong bullish engulfing candle, chances are high that we will see a bullish continuation on Monday.
Next goal for buyers is 1.218 (current local high)
Gold price is still in the support zone 1698.67.
It dropped from the resistance zone of 1817.90 last month. And so far the price has not been able to recover in positions
Its the influence of these two lines that gives me reason to expect the price to rise. Thus, I believe that in the near future the price will bounce off the support at 1698.61 and...
First, at the end of February, the price broke through the resistance line at 0.730, and after returning to the trend, it collapsed and now made a false breakdown of the support line at 0.719. This line has been in use since June 2020.
The price has already tried to break through it, but it still returned to the trend. Therefore, now I expect that first...
In February, the price made an important breakdown of the 82.17
I support line. This is the strong line of 2012. And after its breakout, the price showed good growth. However, the growth stopped at another no less strong line - the 2014 resistance.
We don't think the price will have the strength to make another major breakout. Therefore, now I expect...
EURUSD Uptrend 04 03 2021
Continuing its movement in the global uptrend that began in May 2020, the price came to the support zone in the middle of this 1.205 channel. This zone formed at the intersection of the strong support level and the line formed in the middle of the channel. And from this zone, we have repeatedly been able to observe the price correction....
EURGBP Uptrend 04 03 2021
It has almost touched this 0.859 zone. In this zone, the support level and two lines intersect, one of which appeared in June 2020 and the second in 2013! I expect the price to complete the downtrend in this zone since last September. It will touch the 0.859 support zone and rise to the 0.869 resistance line.
GBPCAD Downtrend 04 03 2021
In July 2020, the price touched the strong resistance zone 1.763 and collapsed from it. The next time the price was able to reach this zone only at the end of January 2021. And throughout February it moved within it. The price came to the zone during the growth in the ascending channel since September last year. The upper border of...
AUDCAD Upward Trend 04 03 2021
One of the main lines on the chart is the support line formed in October 2020.
Despite the fact that the line is not very long, it has repeatedly reversed the price during the fall. In addition, every reversal took place with little or no correction. Recently the price dropped from the resistance line of 0.999 and is now at the...