Price has broken above and retested 1.49 which was support numerous times from August onwards this year.
The final 3 days of trading last week saw a Morning Star pattern being printed which can be a reversal at support.
If you agree, look for opportunities to buy which meet your strategy rules. A final target of 1.5160 could be something to consider.
Price action on the daily chart is moving within a bullish channel.
Channel resistance is where price has reversed twice so far and maybe a third time at the end of last weeks trading.
Look for sell setups if price starts to move as predicted.
Buyers have found 1.6570 as an area of price being over valued on multiple occasions.
Look for a change of cycle and a sell setup if you agree with the analysis.
Potential final targets could be the most recent resistance at 1.6370
Over four days, Silver buyers attempted to break and keep price above $32/$32.10 but failed with the fourth day seeing a bearish engulfing candle printing. This was followed by another bearish candle with a lower low and a lower close.
The next daily support lies at $30/$29.70
Look for pullbacks and sell setups if you agree with this analysis
We have seen XAU/USD reject $2720 for a second time, printing a Doji and then strong seller candle at the level.
Next major support lies at $2620 which has been rejected several times over late November and December.
Look for pullbacks and sell setups on your timeframe of choice if you like and agree with this analysis.
Price is back above 1.49 for the first time this month.
Over August to November, price bounced between 1.49 and 1.5160 several times as the market was rangebound.
Will the market now head towards 1.5160 again?
There is a BOC rate statement coming up this week. Rates are expected to be reduced.
A weaker CAD could help with the push higher.
The overall bigger picture for EUR/USD shows a downward trajectory. Price currently appears to be in a corrective pattern after its last bearish impulse which started and finished in November.
A break out and close below the corrective structure, could be the beginning of another impulse of selling in line with the overall sentiment.
Price has been finding daily support at 0.5157 since November.
At the end of the first week in December, we finally saw price close below the level in convincing style.
The next level of daily support lies at 0.5054 which we last saw price bounce at in August.
Look for corrections and sell setups if you agree with this analysis.
Price made an impulse move to the downside after rejecting $2721 and forming a new lower high.
Currently, price has the appearance of a corrective pattern.
It is possible that we will see at least one more move down in price.
Look for sell setups that meet your strategy rules.
Price has rejected the rising support trendline for a 3rd time. We have seen 5 bullish closed candles and may now see a correction before another impulse of buying. Look for a pullback and buy setup that meets your strategy rules.
Price has broken out of the descending trendline, which originated at the end of October this year.
Now with price forming a consolidation outside of the trendline, there's a potential that we could see a push from from the buyers and a new impulsive move.
A break and close above the consolidation, may be an opportunity to get long this market if it meets your...
After breaking through horizontal support/resistance at 1.4900, price was faced with the rising trendline originating in February.
After a pullback and retest of the 1.4900 zone, we have now seen an impulsive drop in price, closing below the trendline.
Tuesday saw a retest of the trendline and a rejection, however with the daily candle having a bullish close,...
After testing and rejecting 162 several times over October, price finally closed below the level during the 3rd week of November.
In the new week, there is potential for price to either retest and reject the level for potential short trades or we may see a retest and continuation upwards if the move lower was a false break
Either way, a retest should give...
On the 13/14th November, Gold found buyers at circa $2540 per troy ounce.
The move up to a high of $2710 at the end of the week, looks impulsive, with no sign of sellers apart from some small pullbacks.
The moving averages have crossed over too and are now in a bullish order with angle (pointing upwards) and separation.
Next week, we may see a pullback in...
Price is moving within a strong uptrend.
Tuesdays daily candle tested the lows and rejected them forming a Hammer candle (also known as a low test candle).
This may be the beginning of a new impulse of buying.
Look for buy setups that meet your strategy rules.
Examining the weekly chart, we see that price has printed a weekly close below 0.5886 which previously acted as support in April and July this year.
This could be an indication of further downside to come.
The next support at 0.5807 was tested over a year ago in October 2023 but could be a target for any short trades if you agree with the analysis.
Since August this year, price had been trapped inside a daily range of 1.4900 to 1.5160
Price finally printed a daily close below 1.4900 last week and continued to push down until finding trendline support which originated in February.
With price closing at 1.4845 last week, there are 55 pips back to 1.4900 where there is a possibility of price retesting next...
EUR/GBP has printed a bullish rejection of the sloping trendline coupled with MACD divergence. This may be at the beginning of another push to the upside.
GBP was one of the weakest currencies on Tuesday after 'Claimant Count Change' data was released. This is the change in the number of people claiming unemployment-related benefits during the previous month and...
