EURUSD is moving into a correction phase. The price rests against the conditional support at 1.065 and forms a bearish flag. This pattern shows us the potential to revive the fall further. The price tests the support zone of 1.07116 in a bearish flag format. A breakdown of the support of the local range may lead to liquidating the buying liquidity and activating the momentum for a strong bearish impulse. However, I expect in the near term an exit of the price from the range downwards, a breakdown of the support of 1.07116, and price movement towards 1.065, and then to 1.0430 Bear Flag Pattern
Gold (#XAUUSD): Bearish Outlook For This Week Explained An important thing happened on Gold this week. After a strong bearish movement, the price reached a major rising trend line. The price was coiling on that since Monday. On Thursday, it was broken, though. The price closed below that, forming a bearish engulfing candle. I believe that the market may keep falling next week. Next support on focus is 1817 - 1833 area.
#GBPNZD: Bearish Move From Key Level GBPNZD reached an important supply cluster last week. The price formed a double top pattern on an hourly time frame approaching that. I expect a bearish continuation to 1.903
USDCAD is trading within a wide horizontal trading range on a daily. Approaching its resistance, the price formed a double-top pattern. Its neckline was broken on Friday. I expect a bearish move to 1.328 now.
GBPCAD is taking off from a key horizontal support. The price has formed a bullish engulfing candle on 4h, approaching that structure. A double bottom on an hourly time frame was formed. I expect a pullback to: 1.618 / 1.622
Here is my latest structure analysis for ⚠️NZDUSD. Resistance 1: 0.6412 - 0.644 area Resistance 2: 0.6505 - 0.6538 area Support 1: 0.619 - 0.6226 area Support 2: 0.6155 - 0.6165 area Support 3: 0.606 - 0.6095 area Consider these structures for pullback/breakout trading. VWAP mt4 Indicator
GOLD (#XAUUSD): Detailed Structure Analysis Here are the important key levels to watch on Gold. Resistance 1: Major broken trend line Resistance 2: 1897 - 1904 area Resistance 3: 1946 - 1959 area Support 1: 1817 - 1832 area Support 2: 1765 - 1777 area The market remains relatively weak. It looks like the market may retest the broken trend line. Watch carefully!
#USDJPY: Will We Go Higher? Update for USDJPY. Earlier, we spotted a confirmed breakout of a falling parallel channel on a daily. The price has nicely respected the underlined blue zone we considered the buy zone. The price bounced from that and set a new local higher-high higher close. I will expect a further bullish continuation. Next resistance - 134.5
MarketBreakdown | Dollar Index, GBPUSD, USDCAD, EURNZD Here are the updates & outlook for multiple instruments in my watchlist. 1️⃣ Dollar Index (#DXY) daily time frame The market is consolidating within a narrow horizontal trading range. Taking into consideration that the index is very bullish from the beginning of February, I believe that a bullish rally will continue. Wait for a bullish breakout of the resistance of the range, daily candle close above that will most likely trigger a bullish continuation. 2️⃣ #GBPUSD daily time frame The pair was rejected heavily from a key daily structure resistance. A rejection candle with a long wick was formed. It indicates an intense bearish pressure. I believe that the pair will most likely keep falling. 3️⃣ #USDCAD daily time frame The market is trading within a wide horizontal trading range. Its support was reached yesterday, and the market was rejected from that. Probabilities are high that a resistance of the range will be reached soon. 4️⃣ #EURNZD daily time frame The price is forming a substantial ascending triangle formation. A bullish breakout of its resistance will initiate a solid bullish wave. Wait for a daily candle close above the neckline as a confirmation.