USD/CAD has created a descending triangle and is making new lows. MACD shows this still has some growth to reach the top trend line, then a short can be taken with a TP at the previous low of 1.25892
USDJPY has broken below a support line of a descending triangle formation.
The breakout is considered to be confirmed now and bearish continuation is expected.
Now the goals for sellers are: 103.1 / 102.7
If you don't have an active position on the pair, I recommend you consider the underlined red supply area based on a...
hey traders,
here is my multi-timeframe outlook on gold:
on a daily the price is still coiling on a major falling trend line that the price touched last week.
Taking into consideration that the global trend is bullish, I still expect a bullish reaction & continuation.
However, checking the situation on hourly time...
Wave 2 never retraces more than 100% of wave 1.
Wave 3 cannot be the shortest of the three impulse waves, namely waves 1, 3 and 5.
Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle formation.
Expecting a minimum 3% bounce in DXY before bearish continuation. EURUSD to 1.1700.
EURUSD is facing a major point of confluence.
1.206 - 1.209 is the area based on a support line of a rising channel and December's local daily horizontal support.
With a quite strong bearish momentum this week, we must consider two potential scenarios:
Bearish - in case of a daily breakout of the underlined confluence...
EURUSD remains sharply bullish .
The price keeps growing setting new structure highs.
On a weekly we can see where bulls are aiming at:
during the last 5 years, the price is trading within a gigantic horizontal trading range.
1.04 is the support of this range and 1.25 is its resistance.
Right now the price is very close...
USDCHF is trading within a horizontal decision range on 4H.
On Friday its resistance was reached and on that the price has formed multiple dodji and rejection candles.
As a confirmation, on hourly the price has formed a descending triangle formation and has just broken below its support.
Now I expect a bearish...
GBPUSD is in downtrend now. And I guess it will continue this way.
If the support line 1.31519 breaks, the we may see more drop to the price.
I assume it will reach 1.26790.
What's your thought on this pair?
US DOLLAR INDEX has been on a long term downtrend since 1986.
Price has been consolidating in a rectangular pattern at the downtrend channel resistance.
We could see a bounce off the rectangular pattern support ⬆️ or a breakdown below the pattern support ⬇️.
GBP/USD
The key event of the 7th December week for GBP/USD was Brexit trade deal talks between British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen during dinner in Brussels on Wednesday, 9th December. The official statement of both sides remaining ‘far apart’ after the end of the dinner increased selling pressure behind...
GBP/USD
GBP/USD opened at the pre-market of 23rd November at 1.3289; in Monday’s session the pair was rising strongly in the first part of the day and reached the day’s peak at 1.3398 between 13:00 and 13:15 UTC, being backed by positive U.K. preliminary November PMI figures. The manufacturing PMI was at 55.2 against the 50.2 market forecast, the services PMI was...
With DXY weakness EURUSD keeps growing.
We saw a nice expansion this week and it's time to look for the next strong supply area.
I am paying close attention to the confluence area between:
1.2 horizontal resistance (current structure high);
Rising trend line ;
1.272 extension of the last bullish leg.
I won't expect a...
GBP/USD
Having opened the week of 9th November at 1.3157, GBP/USD traveled to 1.3208 on Monday but closed the day only an inch above the open at 1.3163. A steep upside price action followed on Tuesday supported by amendments made to the infamous Internal Market Bill overriding provisions of the Withdrawal Agreement signed by Boris Johnson on January 2020 and...
DXY has managed to pick up a reversal and looks to be heading back towards 0.382 / 200 SMA on the daily charts. This move could happen over the coming weeks.
hey guys,
gold just reached a strong falling trend line .
for now we see a positive bearish reaction from that and this touch may initiate a strong bearish swing move.
I will pay attention to a support line of a bullish flag pattern.
in case of a daily candle close below its support, bearish continuation will be highly...
