RamziAbouAbdallah-CMT

RamziAbouAbdallah-CMT

Hi all, As you can see on the figure, a negative divergence occurred on the daily chart of the pair. While prices were still rising, RSI has been making lower highs. This is reinforced by the potential head and shoulders top pattern, putting pressure on the reversal scenario.

RamziAbouAbdallah-CMT

Two reasons to be bearish on XAUUSD at the moment: 1- Triangle breakout on small time frames. 2- Death cross signal almost there on daily chart (50 and 20 SMAs almost crossing above each other). In my opinion, with the dollar index almost confirming an inverse head and shoulders pattern, the yellow metal has more room to fall than rise. Good luck

RamziAbouAbdallah-CMT

The precious metal fell more than 3% in a single day yesterday after the safe haven dollar attracted investors over fear of rising corona virus cases globally. XAU/USD is stuck in a trading rage, and therefore in breakout mode. This is manifested by the formation of a triangle on the daily chart. Breakout can be in either direction, so watch out for the upper...

RamziAbouAbdallah-CMT

Hello, As you look on the chart, a bullish inverse head and shoulders is spotted on the hourly chart. Looks like bulls are struggling to break the neckline, so keep an eye on the 93.90 level. A confirmed break above this level takes the dollar back to around 96 level, which means much lower prices for the Euro.

RamziAbouAbdallah-CMT

Hello everyone, The pair is trading around a very critical support levels: 1- On the daily chart (left picture): on the verge of breaking the 50 SMA for the first time since May. 2- Tested the uptrend line from below which is a typical bearish behavior upon breakout. 3- On the 4H chart (right picture): Broke below 200 and 240 SMA for the first time since May. 4-...

RamziAbouAbdallah-CMT

Hello everyone, As you look on the chart above, a negative picture for the pair is being favorable for the following reasons: 1- Broke below the uptrend line that has been intact since May. 2- Broke below the 20 SMA. 3- Hit the 50 SMA for the first time since May. Initial target is at 1.1690 and even deeper at 1.1495 March high. Good luck

RamziAbouAbdallah-CMT

Pound sterling trading inside an ascending parallel channel

RamziAbouAbdallah-CMT

Hello traders, EUR/USD is trading above an uptrend support line that has been accompanying the pair since mid May, making higher highs and higher lows. It is also worth mentioning that the pair is trading above all its main moving averages. The up trend is supported by slightly hawkish Lagarde's speech last week and dovish FOMC, and that is making the...

RamziAbouAbdallah-CMT

EUR/USD 4H chart: Broke the uptrend line. EUR/USD 1H chart: Trading within a parallel down channel. Short positions look more reasonable at the moment, correction may extend to 1.17 support. Always remember to set your stop loss accordingly. Good luck

RamziAbouAbdallah-CMT

As shown on the chart above, The dollar index, which is the value of the US dollar relative to a basket of foreign currencies, gained strength this week after hitting a multi year trend line support (2011-2020) and a horizontal support around 92.10. This explains the bearish move for the EUR/USD, which lost around 200 pips in a week. Not to mention GBP/USD which...

RamziAbouAbdallah-CMT

The pair faced some fresh strong bearish pressure as we go through the end of the week. The move is probably fueled by weak Eurozone PMIs today, which raised investors fears of a slow recovery in the continent that might push the ECB to proceed with additional stimulus. Also, rising Covid-19 cases in some European countries is shifting the risk for the pair to...

RamziAbouAbdallah-CMT

This chart above validates a bearish view on the pair, the bearish flag. A breakout of this flag takes the Fiber to 1.11670 (previous support). Resistance 1 (upper flag line): 1.1250 Resistance 2 (upper trend line resistance-previously support): 1.1250 Resistance 3 (Downtrend line from 1.1430 June high): 1.128-90 SMA 20: 1.126 Good luck

RamziAbouAbdallah-CMT

The pair EUR/USD is trading in a well defined range between 1.1180 and 1.1350. At the time of writing it is trading at 1.1240 which is the 50% of this range so its pretty much neutral at the moment. Plus, we got two conflicting chart patterns on different time frames which make the situation more complex to interpret and more difficult to find the direction at...

RamziAbouAbdallah-CMT

Hello everyone, I drew a parallel downward channel as well as a suggested Elliott wave, Need your opinion and comments Thank you

RamziAbouAbdallah-CMT

Hello all, As seen on the chart above, an inverse head and shoulders is forming on the 4H chart with its neckline at 1.135 (yesterday's high). A break above this level will lead to levels near 1.15 or above. Good luck

RamziAbouAbdallah-CMT

Hello, This week seems to be a red one for the pair as it is failing to close above its open and its 200 weekly SMA above 1.12. Today, the momentum accelerated when the pair broke below a major support around 1.1180. As shown above, the daily RSI broke below its trend line and the price is trading in a downward channel. Support awaits at 1.1160-70 followed by...

RamziAbouAbdallah-CMT

Sterling pound is struggling on different levels: 1- BOE disappointed investors by providing less liquidity than anticipated. 2- Brexit woes. 3- Fear of second Covid-19 wave. 4- Economic recession All those factors are weighing on the pair which almost completed a head and shoulders pattern on the 4H chart, but still waiting for confirmation. Bears and bulls are...

RamziAbouAbdallah-CMT

Hello everyone, A suspected head and shoulders pattern is seen on the Euro/Dollar chart. Take a look and wait for a confirmed breakout of the neckline before selling. Good luck