Following a few weeks of strong price action in BTC and some altcoins, the market is now under pressure. BTC remains short-term bullish above 62,207. As long as it trades above this level, the price might reach 65,870. However, a break below 62,207 could send the price down to 59,672. What’s your take on BTC/USD? Will the trend hold?
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Gold prices have moved higher from the 2600 to 2631 range, but with the dollar performing well this week, the risk to gold prices remains. A revisit of the support area is possible. The upward trend is likely to continue above 2600, with traders potentially targeting 2676, followed by 2700.
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EURUSD bulls face pressure today, but as long as the price holds above 1.0991, the wedge pattern stays intact. With a target of 1.15, buyers may step in between 1.0991 and 1.1076, potentially driving a rebound.
What is your take on the EURUSD and the wedge pattern identified?
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Gold is pushing for the $3,000 per ounce mark, showing impressive strength. However, the price hasn't moved much this week. The reason is clear: the current risk-to-reward ratio is not ideal for new long positions. Bullish traders may find better opportunities between $2,545 and $2,594, with targets set at $2,629 and $2,680 if a dip occurs. This range offers more...
As long as AUDUSD stays above 0.6730, traders will likely buy on dips in the 0.6730 to 0.6797 range, and then challenge the 0.6868 high, followed by 0.69. Breaking this level opens the door to the January 2023 high of 0.7159, a significant 250-pip gain, providing a potentially easier path for traders if resistance is cleared.
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GBPUSD has surged to a new high for 2024, but short-term overbought signals suggest a potential correction. Traders not yet in the market are likely waiting for a pullback to the 1.3288–1.3194 range, where the lower boundary is seen as the trend-defining level. With a favorable risk-to-reward ratio in this zone, upside potential remains strong, targeting 1.34 and...
Following a fresh all time high the index remains bullish above 8120.59, and it is likely that traders will meet declines with support.
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The S&P 500 has triggered a 64-day-old wedge pattern, signaling the potential for the index to rally towards 6020 in the coming weeks. The pattern remains active as long as the index trades above 5618, with initial support forming at 5685. A sustained move above these levels could confirm further bullish momentum, while a drop below 5618 would invalidate the...
The Norwegian Central Bank has opted to keep interest rates unchanged at 4.5%, aligning with market expectations. This decision leaves USD/NOK near a key support level around 10.42, close to breaking below a double bottom pattern. This double bottom forms part of a larger descending triangle, which points to a potential downside target of 9.81, a significant...
The US Dollar Index (DXY) appears to form either a cup and handle or an ascending triangle pattern. The critical level to watch is 101.50. Ideally, it would be better if the price gets rejected at this level today and a breakout is attempted tomorrow or Monday to build up the importance of the pattern and make it more mature.
A successful breakout above 101.50...
The USDCAD pair remains bullish above 1.3545 and may revisit 1.3610 in the next few days. However, a break below 1.3545 could send to 1.3520.
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The Dow Jones, Nasdaq 100, and S&P 500 saw substantial gains yesterday following the US inflation report, but the overall trend, at least for the Dow Jones, remains bearish below 41,256. Below that level, there's a chance the price could drop towards 40,672, followed by 40,494.
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Gold prices have settled into a rectangle pattern, a favorite of mine due to its simplicity and high probability of a successful breakout. Over the past 25 days, the price has been consolidating within this range, which strengthens the likelihood of a significant move once the breakout occurs. A breach of the 2,530 level, particularly if the US inflation data...
USDCAD is forming a mini inverse head and shoulders pattern that has developed over the last three days. A break above 135.80 could push the price up to 136.02. The short-term trend remains bullish as long as the price stays above 135.45.
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The USD/JPY pair has been forming an inverse head and shoulders pattern over the past five days. This bullish reversal pattern suggests a potential shift in the trend. The difference between the head and the neckline is approximately 208 pips. A break above 143.77, which is just above the high from Monday, September 9th, could trigger this pattern. If confirmed,...
The DAX40 has just triggered a rectangle pattern, which has been developing over the past two days and six hours. The difference between the high and low of this rectangle is approximately 153 points. The breach at 18,518 indicates that the price could reach 18,363.
Corrections toward the breakout point that do not push the price above 18,572 will keep this...
The outlook for NZD/USD isn't strong at the moment, and it seems likely to continue trading sideways. However, this could change with a break above the December 2023 high of 0.6365. A breach of this level would confirm a breakout from the large wedge pattern, suggesting that prices could reach 0.6738. This wedge is formed by the trendlines connecting the December...
The quality of the Head & Shoulders pattern forming over the last 17 days could be better, but prices are likely to trade lower if 0.6696 is breached. The pattern suggests the price could reach 0.6568, though a slide to 0.6643, the August 13 high, seems more likely. Until a clear breach of 0.6696 occurs, AUD/USD might reach 0.68. This afternoon's NFPs will set the...
