GOLD: Short Setup from Key ResistanceThe XAUUSD pair is testing a key resistance zone, where selling pressure may emerge. The current structure suggests a potential short-term pullback as price consolidates at this level.
If the price confirms rejection from this resistance zone, I anticipate a move downward toward the $2,680.96 level, which aligns with prior price reactions and serves as a logical short-term target.
This setup aligns with the idea of a minor correction from resistance, offering a potential opportunity for a short-term trade.
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EURCAD: Bearish Continuation from Supply ZoneThe EURCAD pair is trading within a descending channel, indicating a bearish market structure. The price is currently approaching a key supply zone, which aligns with the channel's upper boundary.
If the price confirms rejection at the supply zone, I anticipate a bearish move targeting the 1.46527 level, which represents a logical target for this setup.
This setup suggests a continuation of the bearish trend. Traders should watch for confirmation signals, such as bearish candlestick patterns or rejections around the supply zone, before considering short positions.
AUDCAD: Bearish Continuation SetupThe AUDCAD pair is trading within a descending channel, indicating a bearish market structure. The price has retraced into a key supply zone, which aligns with the channel's upper boundary and previous lower highs.
Because the price rejected at this zone, I anticipate a bearish move toward the 0.88300 level, which aligns with a key support zone on the higher time frames.
NZDCHF: Bearish Continuation Setup from Resistance ZoneThe NZDCHF pair is trading within a well-defined descending channel, reflecting a bearish market structure. The price is approaching a key resistance zone which aligns with the channel's upper boundary.
If the price confirms rejection at this supply zone, I anticipate a bearish move targeting the 0.50441 level, which represents a logical target for this setup.
This setup suggests a continuation of the bearish trend within the current channel. Traders should watch for confirmation, such as bearish engulfing candles or long upper wicks, before considering short positions.
GOLD - Short Setup from Resistance ZoneThe XAUUSD pair has recently broken out of the bullish channel, signaling a shift in momentum toward bearish conditions. After this breakdown, the price is currently retesting the resistance zone. This retest is a critical point for the pair, as rejection from this resistance could confirm the bearish outlook. Traders should look for bearish confirmation signals such as rejection candles, bearish engulfing patterns, or a series of lower highs to validate further downside potential.
If the resistance holds, the next significant target for sellers is the $2,650.43 support level, which could act as a key demand zone. A break below this level would open the door to further declines, potentially extending the bearish trend.
This setup suggests a high-risk zone for buyers and presents an opportunity for short positions if bearish confirmations are observed. Careful monitoring of price action around the retest is essential for planning entries and exits.
What are your thoughts on this bearish scenario?