Chart Pattern Observations:
1. Descending Channel Breakout Attempt:
The pair was previously in a well-defined downward channel (marked by orange trend lines).
Price has now exited this channel and is consolidating sideways.
2. Support Zone (Potential Double Bottom):
Price is repeatedly testing a strong support zone around 142.400 - 142.600, forming what looks like a double bottom pattern, which is a bullish reversal signal.
The orange box indicates a clear demand zone where buyers previously stepped in.
3. Projection Path:
A bullish zig-zag arrow is drawn, indicating an anticipated bounce from the support zone, targeting higher level
Targets Analysis:
1st Target: 144.500
This level aligns with minor resistance from previous structure highs.
If the price breaks above the range, this could be the next logical zone where sellers may re-enter.
2nd Target: 145.000
This is a psychological resistance level and also aligns with Ichimoku cloud resistance.
Reaching this level would confirm a significant trend reversal or bullish continuation.
1. Descending Channel Breakout Attempt:
The pair was previously in a well-defined downward channel (marked by orange trend lines).
Price has now exited this channel and is consolidating sideways.
2. Support Zone (Potential Double Bottom):
Price is repeatedly testing a strong support zone around 142.400 - 142.600, forming what looks like a double bottom pattern, which is a bullish reversal signal.
The orange box indicates a clear demand zone where buyers previously stepped in.
3. Projection Path:
A bullish zig-zag arrow is drawn, indicating an anticipated bounce from the support zone, targeting higher level
Targets Analysis:
1st Target: 144.500
This level aligns with minor resistance from previous structure highs.
If the price breaks above the range, this could be the next logical zone where sellers may re-enter.
2nd Target: 145.000
This is a psychological resistance level and also aligns with Ichimoku cloud resistance.
Reaching this level would confirm a significant trend reversal or bullish continuation.
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Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join telegram channel free ..
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.