MarketBreakdown | GOLD (XAUUSD), US30 Index, DXY, USDJPY
Updated
Hey traders,
please, check a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ GOLD (XAUUSD) - Daily time frame 🥇
Gold remains very indecisive.
The price formed an inside bar candlestick pattern formation:
the candles are trading within the 8th September daily candle (mother's bar) and remain relatively weak.
Looks like the market participants are waiting for some fundamental trigger to decide the direction to push.
Daily breakout of the mother's bar range will be your trigger.
2️⃣ US30 Index - 3 days time frame 📈
We must admit that bulls look quite exhausted.
Bullish legs become weaker and weaker.
Analyzing the price action, the higher lows are respecting a major rising trend line.
While the market is trading above that, it still remains reasonable to expect growth.
Its bearish breakout, however, will signify the initiation of an extended correction
giving us a potential opportunity to buy the index at a nice discount.
Remember, that trading indexes, it is highly recommendable to avoid shorting and focus on trend-following setups.
3️⃣ Dollar Index (DXY) - 3 days time frame 💵
The market remains bullish.
The index is currently trading within an expanding wedge pattern.
Reaching its support recently, the greenback will most likely keep growing.
4️⃣ USDJPY - 12H time frame 🇺🇸🇯🇵
The pair is currently ranging and trades within a horizontal consolidation area.
110.45 is its resistance.
109.58 is its support.
For intraday trading/scalping consider the boundaries of the range.
Alternatively, wait for a range breakout as your signal to buy/sell.
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Note
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