The 4 hour chart of AUD/JPY is in bull trend It is currently in a pull back mode to re-test the broken resistance turning support Hence,It is better for traders to make a long entry at the support.
The EUR/NZD pair is currently in its 5th wave of its Elliott wave. The pair is also in a strong downward movement. Hence we expect the pair to reach the support levels of 1.61526.
USD/CAD pair is in an ascending channel formation in the 4-hour chart. It is currently in its bearish leg- movement to supportive trend. And a flag pattern has formed within too. Hence, we expect the pair to move to its supportive trendline, upon breaking the flag formation.
The bullion metal is currently at its dawn of a new uptrend. It has completed wave 1 in the form of 5 waves. It is currently in its wave 2 which is of 3 waves. Hence, we expect the pair to find support at 1220.36 and then kick start its wave 3.
The CAD/JPY is at a strong support based on price action. Moreover, it has formed wave 1 and 2 of Elliott wave. Hence we expect the pair to resume its uptrend from here.
EUR/AUD formed an inverse cup and handle pattern and made a breakout too. The cup and handle is a strong continuation pattern and it has formed after a strong down move. Furthermore, it has opened the week with a negative note(gap down). The pair can either fill the gap or not, but it has painted red all over it. So be a bear in the counter.
EUR/USD, after breaking its bearish trend line, is currently retesting it, in the 4-hour charts. The price point also coincides with a strong support according to price action. Hence, we expect the pair to find support and move up from here.
Crude oil is under severe selling pressure. We expect a profit booking rally (wave 4, according to Elliott wave) is on the cards now and the current price zone could be a potential reversal zone. However, to be on safer side, we advise traders to go long on the breakout of the marked trendline.
The GBP/NZD after a steep downfall is currently trying to recover from the lows. It has formed a trendline and a series of rejection candles has formed exactly at the trendline. Hence we expect the pair to move to its resistance levels of 1.88400 and 1.89595.
The EUR/GBP pair has formed a head and shoulder pattern. It is currently hovering around its neckline. Hence, we suggest traders to enter short positions on the breakout of the neckline.
GBP/USD is in a tight triangular range in the daily charts. It is currently at its supportive trendline and and has formed a strong bullish candlestick. Hence we expect the pair to its resistive trendline from here.
USD/CAD pair is currently in an ascending channel formation. The channel trendline also coincides with a price action support. Hence we expect the pair to bounce back from here.
Gold is currently in a downtrend forming an Elliott wave. It has completed its wave 3 and is currently on wave 4. We expect the wave 4 to complete at 50% retracement of wave 3. A bearish move, wave 5, can be expected on completion of wave 4.
As suggested by us earlier, crude oil made a sharp down move from the trendline. Now it is at pullback mode. Hence we suggest, traders to again short here or at the level of 55.21 since the bearish momentum is expected to continue further.
The EUR/NZD pair is currently broken its bearish trendline. It is currently consolidating above the trendline. Hence we expect the pair to go through a corrective rally and move up to 1.69000 from here.
NZD/CHF pair has formed a head and shoulder pattern in the hourly chart. It is currently trading just above its neckline. Hence, we suggest traders to only short it after the neckline breakout.
GBP/CHF has broken out from its falling wedge formation in the 15-chart. It is currently consolidating around its support level of 1.27200. Hence, we expect the pair to kickstart its up rally anytime soon to reach the resistance level of 1.28400.
The EUR/AUD pair is currently in a corrective rally for the long downside movement. It has made a decent pullback and is facing resistance now. Hence we expect the pair to reach the support level indicated by price action and then move to the values of 1.58086.