With the current uptrend of Nasdaq, we will look for a possible long trade in the NY session. Should structure be broken as depicted, long positions will be taken along with price action confirmation. Many time frames indicates that from a technical aspect, nas100 will be making new highs.
With the daily candle of yesterday giving a big bearish close and lower lows in smaller time frames, I have depicted what I anticipate happening with EUR/USD next. Should the support not hold as shown in the clip., we would look for short entries with price action confirmation.
Should price fill the previous wick looking left and respect the 1479.60 zone as support. I will be looking for possible long trades from there after price action confirmation.
Price is at 0.618 fib retracement within a channel and a double bottom is forming as well at this level which could serve as a good rejection ( will wait for price action ) . Should price break out of the channel to the upside, I will look for a potential long trade.
USDCAD presenting with possible short trade should price break the support trend line. I will be waiting for a break and close below this level and a retest where support will act as resistance.
Price is moving in a flag pattern that can serve as a correction pattern. A retest and push from the lower trend line that acts as support along with price action could advocate for a long position to the resistance/ upper trend line of the flag. Will wait for a break and close above that resistance area for further long positions.
TECHNICAL ANALYSIS: GBPCHF, price broke a previous support level and is now retesting this level as resistance. Will look for a short trade after price action confirmation.
This analysis depicts why I went long on gold. Should price break the level shown as my take-profit I will look for further highs for gold< alternatively should price respect this level as resistance, I will look for a possible short opportunity as a pullback on the overall bullish trend.
