Ahead of significant risk events for XAU/USD, including the upcoming ADP Employment Change data, gold prices have moved higher in overnight trading. This rise reflects the market's cautious positioning before the release of key U.S. economic indicators.
Gold prices have successfully breached the double bottom pattern's neckline at $2496, a critical technical...
GBP/USD continues to hold its uptrend, trading above the 1.3072 level, which lies just below the August 22 low and above the September 3 low. The risk-to-reward ratio favors a bullish outlook within the 1.3117 to 1.3072 range. The next resistance levels to watch are 1.3178, followed by 1.3215.
This content is not directed to residents of the EU or UK. Any...
The EUR/USD pair appears to have completed its recent correction, which began on Friday, August 23. After reaching a high of 1.12, the price retraced just over 50% of the bull leg that started from 1.0882 on August 28.
The uptrend is expected to continue as long as the price stays above Tuesday’s low of 1.1025. Traders will likely view dips to the 1.1062-1.1025...
It might be early days, and the levels might not be perfect, but it appears that Binance Coin is forming an inverse head and shoulders pattern. Other coins, like Super and Phantom, are creating similar horizontal patterns, which typically provide better trade opportunities than breaches trend lines or moving averages. In addition, as we move into the fall in the...
The EURUSD is lower today, likely due to profit-taking and the lower-than-expected Spanish inflation figures. Spanish inflation dropped from 2.8% annually to 2.2%, below the anticipated 2.4%. The German government will release its inflation figures in the afternoon, followed by the official Euro area inflation data tomorrow.
From a technical standpoint, today's...
NZD/USD is in a strong uptrend but is currently slightly overbought. The NZD/USD pair could potentially rise again within the 0.6219 to 0.6255 range, as the risk-to-reward ratio favors the upside in this range. If the price indeed turns higher, it might reach this morning's high of 0.6297, followed by 0.6340. However, a drop below 0.6219 could trigger...
The EUR/NZD pair was stuck in a major wedge pattern that triggered on Friday, August 23rd, and it now has a target of 1.7703. In the short term, it remains bearish below 1.7985. If the price bounces towards the 1.7935-1.7985 range, traders may turn bearish, as the risk-to-reward ratio favors a downside in this range. The first target in this scenario is 1.7850,...
GBP/JPY is stuck in an ascending triangle pattern that has been forming over the last 11 days, beginning on Thursday, August 15. The pattern is defined by a horizontal resistance line at the 192.03 level and an upward-sloping trend line. The price has been rejected at the 192.03 resistance level on multiple occasions, increasing the importance of this level. A...
The EUR/USD is struggling to shake off Monday's UK Bank Holiday vibes and remains stuck in a narrow range between $1.1154 and $1.1178. However, the bullish trend remains intact as long as the pair stays above Thursday's low of $1.1096. If the price holds above this level, it could target $1.1195, with a potential further rise to $1.1250. This outlook is supported...
BTC prices have traded sideways for 13 days, but this could soon change. The price has been forming an inverse head-and-shoulders pattern, which will turn active on a breach to $61,880 and has a target of $67,765.
Key data that could spark a breakout today includes U.S. jobless claims, which saw a significant decline last week, easing stress in stock indices....
After a 39% decline since June, natural gas prices seem to have bottomed out on August 5th. However, after the initial bounce, the price has been consolidating over the last 9 days, forming an inverse Head & Shoulders pattern. This pattern suggests that a breach of the $2.38 level could potentially lift the price by 7.65%, targeting the $2.57 level.
This content...
Ethereum prices have been trading sideways for 11 days since August 9, and when an asset struggles to move higher, it often tests support levels. On a breach to $2510, ETH could potentially fall to $2,412, and if this support level does not hold, the price could drop another $100 to reach $2,312.
However, if ETH stays above $2,510, the short-term uptrend...
Last week, we noted that if gold prices traded above $2,479, they could push towards $2,587. This scenario is unfolding as expected, and longer-term traders remain bullish above $2,470.
For short-term traders looking to capitalize if we have a dip, we will focus on focusing the support range between $2,479 and $2,511. If prices reach this interval, buyers may...
The Swiss franc triggered a double bottom pattern earlier today as the price traded below the August 14th and August 19th low of 0.8617. This pattern suggests a potential drop of 118 pips, which could bring the price down to around 0.8500, though this target might be ambitious in the short term.
However, a move towards the August 8th low of 0.8560 would not be...
On August 14, we noted that a push above 1.0959 would trigger an ascending triangle pattern with a target of 1.1254, with a potential stop at the December high of 1.1140. The market is now moving towards that level. However, in the short term, the risk-to-reward ratio for buying EUR/USD is not particularly favorable.
That said, the risk-to-reward ratio improves...
The Nasdaq 100 is short-term overbought. This doesn’t necessarily mean the index needs to decline, but the risk-to-reward ratio for new long positions is unfavourable at current prices. However, it would become favourable on a drop to the 18,835 to 19,163 range, with the lower range level being the short-term trend-defining level. Resistance levels are shown on...
GBPUSD is expected to maintain its short-term uptrend as long as the price stays above 1.2842. The nearest resistance is at 1.29, with the next level at 1.2933. Traders who are not currently long may wait for a pullback to the 1.2842 to 1.2877 range to secure a more favorable risk-to-reward ratio.
This content is not directed to residents of the EU or UK. Any...
EUR/USD will maintain a short-term uptrend as long as the price remains above yesterday's low of 1.0947. The nearest resistance level is at 1.1012, followed by 1.1044. Traders who are not already long will likely wait for a correction to the 1.0947 to 1.0975 range to achieve a better risk-to-reward ratio.
This content is not directed to residents of the EU or...
