Yesterday, XAU/USD continued its descent and dropped to the 2350-2355 support zone without retesting the 2390 broken support, indicating selling pressure. At this moment, the market is correcting to the upside, which should offer bears better entry prices. The best zone to sell remains 2390-2400; however, if this zone is not tested, traders should look for lower...
As expected, GBP/USD broke above the 1.2850 resistance level and surpassed 1.3. A correction followed, and now the pair is back at support, possibly retesting this level. However, the inability to stabilize above 1.3 and the fact that the DXY (US Dollar Index) experienced a false breakdown is not very reassuring for bulls. A break below this support would...
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Last week, the DXY broke below important horizontal support. However, the next day, the index reversed its losses, followed by a bullish candle on Friday. This created a strong reversal candle on our weekly chart, making us wonder if the initial break was false. Now, the index is consolidating above this important horizontal support. A break above the current...
USD/CAD is currently trading around the 1.3850 resistance zone, a level that has been tested repeatedly since September 2022, each time resulting in a decline. However, this year, after testing this resistance, the bears haven't managed to push the price down to its previous support levels. Instead, a higher support has formed at 1.36. The recent rise from 1.36...
Yesterday, after the second test, XAU/USD reversed from 2390 and reached the 2420 resistance zone. However, last week's drop was impulsive and might only be the first leg of an overall correction within the long-term bull trend. The rise to just under 2400 appears corrective so far, suggesting we might see another drop below 2400 and eventually a drop below the...
Since April, the SPX has risen around 15%, and since November's low, it has increased by almost 40%. This is quite significant for such an index, making us wonder if this rise is fundamentally justified (in my opinion, it is not). But, as they say, "trade what you see, not what you think". What we saw was a strong upward move. However, keeping this expression...
After a recent dip to the 1.6 zone and a period of consolidation, the EUR/AUD has reversed strongly over the past two weeks, leading to a significant breakout. As shown in the chart, following an initial upward movement lasting about a year, the pair corrected and consolidated within a falling wedge pattern for another year. Currently, we see a clear breakout...
In my recent BTC post, I mentioned that the break below $60,000 is most likely a false one. This proved to be correct, and the price has returned towards the important $70,000 zone. At this moment, BTC could enter a correction phase from the recent upward movement. This correction should be seen as a buying opportunity, potentially leading to a new all-time...
In my analysis yesterday, I mentioned that gold could drop below $2400, and indeed it did. After touching the support zone around $2390, the price reversed to the upside. However, the bulls seem weak and unable to sustain the price above $2400, with the price now pressing against the support. A break below this level looks probable, and the price could drop...
Last week, gold reached a new all-time high, almost hitting $2500. However, the market started to reverse on Wednesday, and XAU/USD finished the week at $2400, forming a large pin bar on our weekly chart. On the short-term chart, we also see that the recent ascending trend line has been broken, which also has bearish implications. In my opinion, gold will drop...
Back in winter, when everyone was super bullish and the hype around some coins, particularly INJ, was incredible, I predicted that the coin could drop to 20. Indeed, since then, INJ/USDT has dipped into that zone several times and even fell below 20 recently. Although I don't see INJ reaching 100 or achieving the lofty multipliers that some people dream of when...
Recently, EUR/USD found support and formed a strong base just below the familiar 1.07 level. The pair began to rise and has been in a consolidation phase since Friday's Non-Farm Payroll (NFP) report. However, the pair is currently testing Friday's high, and a breakout seems imminent. If this occurs, we could see an acceleration to the upside, with my medium-term...
Yesterday, gold dropped again to the important support zone at 2350. However, bulls took control and elevated the price to interim resistance level. Since then, the price has fluctuated within a tight range. As explained yesterday, I am considering two bearish scenarios and expect a drop back to the 2300 zone. A clean break above 2370 could expose the 2390...
After the false break of support in mid-April, GBP/USD recovered and has risen to resistance once more. The recent correction is now over, and the price has formed a higher low at the end of June and the start of July. At this moment, a break above resistance seems imminent, and the price could continue to rise above 1.3. The next technical resistance level is...
I understand the title may seem bombastic and possibly clickbaity, but in my view, there's a solid case for OANDA:XAGUSD potentially rising by $10 in 2024. Here's why: Observing the chart, unlike OANDA:XAUUSD , Silver has been trading within a range for precisely a year now, failing to establish new highs. However, on a positive note, since the pandemic low,...
Last week, Bitcoin broke below the important 60k support level, which coincides with the neckline of a double top. However, after an initial drop to the 53k zone, the price quickly recovered, forming a daily pin bar and leaving a double bottom on short-term time frames. Now, Bitcoin is back in the broken support level zone. Considering the quick recovery, in my...
At the beginning of last month, EUR/CAD tested the waters near the important 1.5 level. Sellers entered the market, causing the pair to drop to 1.46. A normal correction followed, and at the time of writing, the price is 1.4750. The 1.48 level serves as significant horizontal technical resistance, and the recent rise appears to be a corrective move contained...