Gold has nicely respected a major weekly structure support.
The market formed a bullish engulfing candle after the test of structure,
and then we saw a very nice rejection from that.
It looks like Gold may go higher.
Next resistance 1925.
Remember, that weekly time frame chart unveils a long-term perspective.
So it may take weeks, before the price reaches the target.
GBPAUD reached a key daily structure resistance.
The market was nicely rejected from that on 4H first,
then, a bearish engulfing candle was formed.
I expect a retracement from that structure.
Goal - 1.804
S&P500 reached a solid horizontal key level.
The price formed a tiny double top on that and a doji candle.
Now, bears are pushing.
I expect a fall to 3886 / 3851
NZDJPY formed a cute double bottom pattern on a solid support on 1H time frame.
Its neckline has just been broken.
I expect a pullback to 83.24
CHFJPY is trading in a minor bullish trend on a daily.
The price was accumulating for 3 weeks within an ascending triangle formation.
Its resistance was broken on Friday, we see its retest now.
I expect a bullish continuation to 148.3
EURCHF is approaching a confluence zone based on a horizontal supply area
and 618 retracement of the last bearish impulse.
The price formed a head & shoulders pattern, testing that.
Its neckline was broken then.
I expect a bearish move to 0.9732
EURCAD was consolidating for 3 months on a weekly.
The price was coiling within a horizontal range.
Its upper boundary was broken last week, and a weekly candle closed above that.
Probabilities will be high, that a new bullish wave will initiate soon.
Next resistance - 1.5
USDCAD is consolidating on a key level.
We see a narrow horizontal range on 1H time frame.
To buy the pair with a confirmation, watch 1.369 - 1.37 horizontal resistance.
If the price breaks and closes above that on 1H, the probability will be high that we will see
a pullback from the underlined structure.
The goals will be 1.374 / 1.378
For confirmation use Moving Average Indicator
If the price sets a new lower low, the setup will become invalid.
On a today’s live stream, we discussed WTI Oil.
The price formed a tiny double top pattern on 1H time frame,
approaching a wide supply cluster.
Its neckline was broken.
I expect a bearish continuation to 70.9 now.
CADCHF is approaching a key daily structure resistance.
The price formed a double top pattern on an hourly time frame
and broke its neckline to the downside then.
I expect the retracement from the underlined zone.
Goals: 0.673 / 0.67
Here is my updated structure analysis for Gold.
Support 1: 1875 - 1890 area
Support 2: 1855 - 1858 area
Support 3: 1805 - 1813 area
Resistance 1: 1950 - 1960 area
Resistance 2: 1978 - 1998 area
As I predicted on a live stream, the price nicely bounced from Support 1.
I believe that the market will head towards Resistance 1.
Consider the underlined structures for pullback / breakout trading.
Dow Jones Index is very bearish since 7th of March.
Currently, the price is stuck on a solid horizontal support, though.
For now, I am patiently waiting for its breakout.
Daily candle close below that area will confirm the violation.
A bearish wave will be expected then at least to 30900 support.
I will post an update once I spot a confirmed breakout.
EURCAD is approaching a peculiar horizontal demand zone.
The price formed a doji candle, testing that on a daily.
Analyzing a 4H, I spotted a double bottom with a higher low.
1.458 - 1.462 is its neckline.
If the price breaks and closes above that on 4H, I will expect a bullish movement.
Goals will be 1.469 / 1.473.
If the price sets a new low though, the setup will become invalid
For extra confirmation use german sniper indicator
CADJPY formed a cute double bottom on a key horizontal support on 4H.
Its neckline was broken during the Asian session.
I believe that the pair will most likely bounce.
Target - 98.3
Bulls are pushing Bitcoin again.
The price have updated a new high and currently approaching 27000 level.
From a technical perspective, we see a breakout attempt of a major weekly resistance cluster.
The weekly candle closes in 2 days. Closing above the underlined area, Bitcoin will open a potential
for a further bullish continuation.
Gold is unstoppable.
The market closed, forming a high momentum bullish candle on a daily.
The price is currently approaching a solid resistance cluster.
To catch a bullish continuation, watch 1977 - 2000 area.
If the price breaks and closes above that, probabilities will be high,
that the market will go much higher.
Next goal for buyers will be 2050.
Update for my Friday’s post on EURCAD.
The price has perfectly respected a horizontal key level on a daily:
after a formation of a double bottom pattern on 4H, its neckline was successfully broken.
Now, a bullish continuation is expected.
Targets: 1.469 / 1.4735
For additional confirmation use: VWAP MT4 Indicator
NZDUSD is approaching a solid horizontal daily resistance.
We see a strong bearish reaction from that:
the price formed a rising wedge pattern and a head and shoulders pattern,
the support of the wedge and the neckline of h&s were successfully broken.
I believe that the pair may drop.
Goals: 0.6237 / 0.622
Here is my latest structure analysis and key levels to watch this week on Dow Jones.
Support 1: 31420 - 31830 area
Support 2: 30690 - 30900 area
Support 3: 30070 - 30360 area
Resistance 1: 32250 - 32610 area
Resistance 2: 33430 - 33660 area
The market is currently stuck between Support 1 & Support 2.
The market participants are awaiting the interest rate decision on Wednesday.
It will most likely clarify the future direction of the market with a breakout.
Consider the underlined structures for pullback/breakout trading.
GBPCHF broke and closed above a major falling trend line on a daily.
The broken trend line turned into a key vertical support now.
Probabilities will be high, that a bullish movement will initiate from that.
Next goals for buyers: 1.1423 / 1.151
For Additional confirmation use: Leading Indicators
