Price now sits at daily resistance, last seen tested and rejected in December last year.
Price only entered this over valued zone on the last day of trading this week. Does the market still class NZD/USD as over priced here? Watch how price reacts.
A break below the daily trendline and a correction pattern could form an opportunity to sell this market.
EUR/CAD is moving within a daily range between 1.4900 and 1.5150.
There have been multiple rejections of each level, the most recent being in mid September with price reversing at 1.5150 after spending 4 days testing the level.
There is a potential that price will head back towards the bottom of the range again.
Look for sell setups that meet your strategy...
Since price printed a swing low on 11th September, we have seen a gradual increase in price and an uptrend form.
0.94200 was acting as resistance until broken on 19th September. Mondays and Tuesdays retest candles look like the market is now rejecting the zone with a possibility of more upside into the 0.9500 zone.
Price has rejected the trendline for a third time, twice in August and more recently this month. Also this month we saw price break out of the counter trendline, which in turn could indicate a push from the buyers is now underway. If you agree with this analysis, look for buy setups in line with your trading strategies.
The AUD/NZD daily chart may possibly be setting up for a next lower high, in line with the current downtrend that has been in play since the end of July this year.
With price still above the counter trend line (CTL), there is no sign of sellers taking control of the market just yet.
If price can close below the CTL, there may be opportunities to short this...
Price has entered a support zone at (140 to 141) last tested at the end of December 2023. Fridays, Mondays and Tuesdays candle have printed a Morning Star pattern which can be interpreted as a change in momentum from sellers into buyers when seen at support. With FOMC from the USA on Wednesday and the BOJ rate statement on Friday, things could look a whole lot...
Inside the weekly range of 0.58600 support and 0.63500 resistance, there appears to be a 'flag' correction pattern forming. This flag pattern can often signal more upside to come after it forms after a bullish impulse. If price can break and close above the counter trendline, we may see weekly resistance tested again.
Stepping back to examine the bigger picture for Gold, we see price in a consolidation from August 2020 until a breakout began in February 2024. Using a Fibonacci retracement tool, it identifies that price rejected the 50% retracement, broke above and retested the -27% Fib extension level and has a high probability to continue bullish to test the -61.8% Fib around...
Gold appears to be moving within a parallel channel between $2478 (support) and $2525 (resistance). There is potential for a pullback before the next push from the buyers into resistance again. Price made an all time high last month circa $2531. Is the market demand for Gold high enough to create a second all time high in as many months?
In this weekly bullish trend, price may have found a top at 1.3266 with last weeks candle unable to break the high. The correction/retracement could now be in play as we head back to the big number 1.3000 which previously acted as resistance.
Price has rejected daily support, first seen when the daily candle rejected 1.4900 on 1st August this year. When price retested the zone at the end of August, we saw strong bullish momentum with Fridays candle closing as a bullish engulfing candle. This was predominantly due to negative employment data from Canada. There is potential for price to head back to...
Price printed a Head and Shoulders pattern in early August and has since started to decline quite sharply. With Tuesdays candle having now pulled back to the moving averages, we could now start to see sellers enter the market once more to test the previous low at 1.7668 and then major support at 1.7450 if selling continues.
Last week price cleared the 1.1100 resistance level but failed to stay above.
This is potentially a false break and we may see a retest and rejection of the level or a pullback before further selling of the pair.
Since price printed a weekly bearish engulfing candle at 1.3900, we have seen a continuing bearish impulse with a possible support now being found at the 1.3440 zone. There is potential for price to retrace towards 1.3640 for a correction, before recommencing a second bearish impulse towards 1.3230 where the market found weekly support during December 2023.
Overall on the weekly time frame we are seeing an uptrend.
The daily chart shows a correction forming after a bearish impulse (potentially a correction of a weekly move from the buyers).
If we can see a close below daily support, then this may lead to another bearish impulse back to the overall trendline.
A bullish gold broke all time highs last week peaking at just over $2531 per troy ounce. Since then, we have seen price pullback to test the previous daily resistance at $2476 and reject the level, breaking and closing above the counter trendline at the end of next week.
Since printing a double bottom at 0.5877 we have seen a strong NZD against a weaker USD. Price closed above d0.6210 daily resistance on Friday with the next resistance level at 0.6360 in sight if the bias continues.
Price is in a daily downtrend with the most recent price action pulling into the moving averages before moving away again. Support at 0.8400 looks like the next stop for this pair.
