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Beyondtechnicalanalysis

AUDCAD, Bulls to break upside (Long)The price suffered a major decline between 22nd February 2021 (0.99901) to 10th October 2022 (0.86040) and the market bulls took over to correct the price to 0.95489 on 23rd January 2023. Since then, price has been a decline for the past consecutive 8 months in a descending channel. Price is nearing a yearly trendline support level which the bulls are accumulated ready to take control at the 0.86241 support level. The market is ready for another major correction upwards. The news this week on AUD are not serious but on Thursday Tokyo session on employment change and unemployment rate. Keep an eye out for it. Support: 0.86241 Resistance: 0.87484 TP1 0.88216 TP2 0.88938 TP3
by AbeikuGlobal_FX
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GBPUSD, Further ShortOn the Weekly time frame, the last two daily candles closed below the EMA-200 dynamic support in a descending price channel within a monthly falling wedge. There was a breakout of the falling wedge which under normal circumstances would have been a bullish start at the base of it, but this decline was as a result of the rising DXY index over the week past. The retest into the wedge by the last daily candle was resisted by the EMA-200 support. This signifies huge declines in the coming days. The upside swing of the DXY index is also evident backing further declines of the GBPUSD. Resistance: 1.25331 Support: 1.23083, 1.22743, 1.21523
Short
by AbeikuGlobal_FX
1
GOLD, to continue the bearish waveLast Thursday, gold price attempted to make a correction towards the $1930 PER ounce but was quickly rejected by the EMA-200/100 on the 4Hr time frame at $1929.814 which signifies that the bears are still in control in that region. Last Friday, the price declines to 1919.085 at the time of market closure whereby the last two 4Hr candles closed below the trendline support that has been holding the bulls since 21st August 2023. As long as the candles are closing below that trendline support signals the potential continuation of the bears movement down to the next significant level (1903). Important news coming up this week which can alter the direction of the gold market so keep your eyes on the news on Wednesday to Friday. DXY has for the next consecutive 8 weeks been a bullish swing that could put more selling pressure on gold. Wednesday: CPI Thursday: PPI, retail sales and unemployment claims Friday: Empire State Manufacturing Index and Prelim UoM Consumer Sentiment. Resistance: 1925 Support: 1907, 1903, 1896
OANDA:XAUUSDShort
by AbeikuGlobal_FX
1