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Descending Channel

🥇 GOLD - Price is breaking support but not falling yetGold is breaking a new milestone and breaking the support of the descending price channel. Price is consolidating between the downtrend line and 1933.9 support, pre-breakdown consolidation may break the support and price will fly downwards TA on the high timeframe: 1) Break of support at 1938 (lower boundary of the global range 2) Consolidation below the support is forming 3) Negative fundamental background for gold TA on the low timeframe: 1)Trend support is broken, price is consolidating lower 2)If 1933.9 is not broken, then there will be a false break of support and price will head towards 1950 Key support📉: 1933.9 Key resistance📈: 1938.7
OANDA:XAUUSDShort
by AndeWave
14
💱EURGBP - Distributive Growth. Retest of resistance EURGBP is in a sideways range amid a downward global trend. The price is testing the upper boundary, which plays the role of a strong resistance, where there is a high chance for a rebound TA on the high timeframe: 1) False breakdown of 0.8666 forms a fall to the support, thus the price confirms the presence of flat 2) Impulse is forming, most likely the area of 0.8650 - 0.8684 can be a medium-term target. TA on the low timeframe: 1) A distributive resistance retest is being formed. Such movements are quickly stopped by strong levels 2) Since we have a global downtrend and a range formed, a fall to 0.86000 is likely from resistance Key resistance📈: 0.8651, 0.8666 Key support📉: 0.86000
Short
by AndeWave
7
GOLD → Support breakout & consolidation. Fall after the shake-upOANDA:XAUUSD is breaking the range support, and on the daily chart the price is testing one of the key support levels. Here the candlestick analysis indicates the preconditions for further decline The price is breaking the support of the descending range. Consolidation of the price below the previously broken support is formed. Since the price is forming consolidation, most likely, while the market is gaining liquidity, false breakdowns (shake-ups) are possible relative to resistance and support of the conditional boundaries. On the daily timeframe, the price is testing 1935. The price on Wednesday closed quite close to the level, which indicates that the market is not ready to end the movement, it may continue. Important news is published today. It is worth paying attention to: Initial Jobless Claims, S&P PMI, Non-Manufacturing PMI, these are the nuances we dealt with on Sunday. Moving averages act as resistance Support levels: 1932.9 Resistance levels: previously broken trend support, 1938.5, 1943 I expect the decline to continue based on candlestick and technical analysis. The market has broken support and is most likely preparing for a continuation of the decline. But there is news ahead, it may change the situation significantly Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
33
FXSUSDT → Out of Range. It's up to the bulls BINANCE:FXSUSDT is squeezed within the consolidation boundaries of 7.174 - 3.910, but at the same time inside the range there is a prerequisite for a possible trend change and price strengthening A bullish pattern in the format of a "bearish wedge" is forming on the chart. The price is breaking resistance on the background of weak bitcoin. Investors are looking for potential in altcoins during a correction in the cryptocurrency market. Consolidation above 5.866 could form a bullish upside to 7.175, which would form a retest. In this case, the market will get the potential to break the resistance of the 7.175 range and further growth. There is no pronounced trend, the price is forming a sideways range based on the bottom of 3.910. The market may slowly but try to reverse. Support levels: 5.866, 3.910 Resistance levels: 7.175 I expect the formation of bullish support with the last retest of 7.175 aimed at the breakout of the range and further growth. Regards R. Linda!
Long
by RLinda
10
GOLD → Resistance pressure on D1. Waiting for news OANDA:XAUUSD is forming a descending range after breaking the local trend. On D1, the chart is showing strong pressure from resistance and is forming a descending triangle which could give a strong fall, but there is news ahead... The price is testing the support at 1943 with the last move, making a false break and thus updating the local low to 1941.29. Based on the situation on the local timeframe and on the D1 we can say that the sellers are stronger, the fundamental background of the last trading week adds some confidence for this. Today ADP NonFarm Employment Change is published ( analysts expect a decline in the indicator, therefore the dollar may react negatively ), this press release can give us a rough mood for Thursday and Friday ( INJ, ISM, Nfp, UR are published ) Still, technical analysis initially lays a large percentage of the expected movement, even before the publication of the news and at the moment there is a preponderance of forces in the direction that the market is preparing for a fall. When enough weighty news is published, this imbalance may shift and in this case the price may break 1954, 1960 and head towards 1974 Support levels: 1943 Resistance levels: 1954, 1960 In priority I expect a decline to 1943 with the subsequent breakout, but on the background of news the price may act unpredictably and break the resistance. Watch the price reaction. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
29
💱 EURCHF - A reversal pattern. What to expect from it? EURCHF is forming a reversal set-up. Against the backdrop of the global downtrend, this doesn't tell us much, but if the price overcomes the resistance, a quick trend reversal could be in order TA on a high timeframe: 1) Strong bearish trend 2) Price continues to fall and test the bottom 3) Liquidity area that may be of interest to the market is above 0.96500 TA on the low timeframe: 1) A reversal setup is being formed relative to the 0.95987 level. 2) Consolidation between H&S base and 0.95897 support is possible, after which growth may follow 3) Bullish momentum may reach 0.96770 as this area is a global liquidity area. Key support📉: 0.95987 Key resistance📈: 0.96500
Long
by AndeWave
6
💱 NZDCHF - Pre-breakout setup. The market is getting to fall NZDCHF continues to observe a multi-month bearish trend. This time price finds limit support at 0.53362 and continues to make an onslaught on this zone. TA on the high timeframe: 1) The strong bearish trend continues. Price is unable to update the local highs 2) Flat (consolidation) is being formed. Within the consolidation, the price is approaching the support for another breakout TA on the low timeframe: 1) A bearish channel is formed. The price bounces off the resistance and tests the support 2) The currency pair is squeezed between 0.54000 and 0.53360 3) Another (4) support retest is formed. Under market pressure after the next test, the price may break the support and head lower towards 0.52500 Key support📉: 0.53360 Key resistance📈: 0.54000
Short
by AndeWave
14
📈🐂 EURUSD Technical Analysis: Bouncing on Demand Zone! 🚀🐂Hey traders! 🐂📈 Exciting times ahead as we've got a bullish setup on the EURUSD forex pair in the 1-hour timeframe. Let's dive into this opportunity! 📈🐂 💹 Demand Zone Bounce: The price action bounced strongly on the demand zone, indicating an area where institutions have placed their orders and are likely to defend this level. 📈 Descending Channel Breakout: Adding to the bullish momentum, the price broke out of a descending channel and retested it successfully, signaling the start of a highly potential bullish impulse. 💡 Take Profit Zones: As we ride this uptrend, my take profit zones are strategically placed at 1.11300, 1.12000, and finally, my target at 1.12600. Keeping an eye on these key levels is essential for managing the trade effectively. 🧐 Remember, trading requires careful analysis and risk management. Let's keep a close eye on this setup and make the most of potential trading opportunities. Wishing you success in your trading journey! Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if this insight was helpful🚀
by Thomas_Zito
18
Bitcoin - Secret pattern no one talks about! (insider info) This secret parallel channel on the LOG scale is very important for your trades because you want to take profits if the price reaches the top of the descending channel! This is a dynamic resistance, so the trendline changes over time, but currently the resistance is around 39K. 39K is a strong level not only because of this channel but also because of the 0.618 FIB retracement of the previous huge downtrend and the POC of the previous market structure (volume profile). This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately! What I expect is for Bitcoin to reach the 39K level and then make a significant correction. This correction should be pretty deep. Because we will be retracing the first Elliott impulse wave, the 0.618 FIB is a classic buy opportunity, and it's around 21k. After we reach 21K, I expect Bitcoin to pump heavily to the 69K all-time high resistance. This is indeed a strong level as well, so this could be the peak of the 3rd Elliott impulse wave. The 5th wave is expected to end around 100k–110k in 2025. This is my gameplan; I don't know what yours is, so let me know in the comment section right now! Set up notifications for my ideas so you will be alerted in your email when I publish new analyses immediately! You may say that 110k is not enough and that Bitcoin should do much more than that. Yeah, I agree with you, but we need to be realistic. Bitcoin is already pretty big and has a large market capitalization. What's more, on the chart, you can see the major parallel channel on the LOG scale that started in 2017, and I don't think the bulls want to make some crazy parabolic move above this channel! Thank you, and for more ideas, hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
99
ALGOUSDT → Bottom retest. False breakdown before the impulse BINANCE:ALGOUSDT is testing the bottom at 0.0958 in a false breakout format, which could trigger a rather strong rebound as it took more than 3 years for the second retest. Such long retests form a voluminous pool of liquidity that can hold the onslaught. Price is forming a bearish wedge within the downtrend and after a bottom false breakout , price recovers and breaks resistance. The key support level at the moment is 0.1070. Consolidation above the level is forming, forming an entry point. On the background of altcoin market revival, our coin may show good potential in the near and medium term. Support levels: 0.1070, 0.0958 Resistance levels: 0.1225, 0.139 I expect consolidation above the above support with further upward impulse. medium-term target is 0.1607 and 0.2376. Regards R. Linda!
Long
by RLinda
14
GOLD → A temporary respite after a high jump OANDA:XAUUSD continues to form a bullish trend, indicating strong interest in the market. The strong rally is moving into a narrow consolidation, which may hint at certain implications Yesterday we saw a breakout of the local consolidation and a gorgeous 200 pips momentum. The price is testing the resistance at 1981.7 and forming a 110 pips wide fljt. Gold may test the support and start strengthening again or form a consolidation near 1981.8. At the moment, since there is a strong trend, we should consider either a rebound from 1970 or a breakout of 1981. The growth may continue and the price may test 1993 soon. The moving averages indicate a strong bullish trend. The daily timeframe is forming a candlestick that gives a prerequisite for a breakout of 1981 in the near future. Support levels: 1975, 1970 Resistance levels: 1981.8 I expect consolidation with the subsequent breakout of 1981.7. In the long term I expect growth to 1993 and 2000. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
28
GOLD → Support shake-up followed by resistance retest OANDA:XAUUSD is forming a shake-out of consolidation support. Thus, after the retest of the previously broken boundary (as I talked about yesterday) there is a consolidation and resistance retest that could lead to a breakout and rise to 2000. Gold is testing the support area, forming a liquidity grab and thereby increasing the potential for the upside to continue. Earlier, the price confirmed the break of the bearish trend. Yesterday's retest of the previously broken boundary is another confirmation of the fact that at the moment the bullish trend prevails in the market and in our case we should look for either strong support to buy or resistance to trade with the "breakout" strategy. Against the backdrop of correction and falling dollar, gold is feeling good confidence. A breakout of the 1962 consolidation resistance will give a new breath to the market. The moving averages are acting as support. Resistance levels: 1962 Support levels: 1959, 1954 I expect a break of resistance either now or after another retest with subsequent growth. Medium-term outlook 1970, 1981, 2000. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
11
NZDCHF → Activity of dynamic sellers forms a triangle FX:NZDCHF is forming a multi-month descending triangle. Globally, the currency pair is under downtrend pressure. What's going on? Buyers are forming the limit zone at 0.5444, sellers continue to press this area since the end of April, thus a descending triangle is formed on the chart, which speaks for itself. False breakdown of the support does not give the result and we see an attempt of another retest of the support level. Formation of the subsequent test or pre-breakdown consolidation will form the momentum that can break the mentioned support and form a bearish impulse towards 0.5350. But, if the buyers hold the zone, the price will head upwards. A breakout and consolidation of the price above 0.5496 will be a buy signal. Support levels: 0.5444 Resistance levels: 0.5496 I expect the support breakout based on the technical feature of the currency pair at the moment. Medium-term target is the support at 0.5350. Regards R. Linda!
Short
by RLinda
16
NZDUSD → Long retest. High chance of a false breakdown FX:NZDUSD is forming a retest of the resistance at 0.63809. We seem to have a bullish trend after breaking the downtrend, but there is a high probability of a false breakdown and correction. On the daily timeframe the price approached a strong resistance area. A retest of the 0.63800 level, formed in early May, is being formed after quite a lot of time and a large pool of liquidity has been formed above this area, which can prevent the price from going up from the first time. The scenario is as follows: from the resistance 0.63800 may be followed by a decline either to 0.63050, or a pullback less and a quick retest of the resistance, which will form a pre-breakdown consolidation and break the level. Countertrend trades should be opened with reduced risk. In the medium term, the price may continue to strengthen on the background of a weak dollar. Support levels: 0.6305 Resistance levels: 0.63800, 0.6515. I expect a correction in the near future and a slight decline to 0.236 or 0.382 fibo followed by a retest of resistance and an attempt to breakout. Regards R. Linda!
by RLinda
13
GALAUSDT - The price is coming out of the old rangeBINANCE:GALAUSDT goes beyond the resistance of the global descending channel that has been forming for a year. Now the price is forming a wedge. What to expect next? A break of the channel resistance forms a new channel, but at the same time the price is squeezed by the current range boundaries in the wedge format. In the near future, we should expect a retest of resistance followed by a breakout. The altcoin market is starting to revive and a GALA breakout of this area may give us a good potential. There may not be a strong reaction at the moment, as bitcoin is in the correction phase, but the prerequisites are clear on the chart. Support levels: previously broken boundary, 0.02310, 0.1783. Resistance levels: 0.02694 I expect consolidation followed by a breakout of 0.02694 and then a retest of the wedge resistance. The extreme movement may give a signal. Regards R. Linda!
Long
by RLinda
16
GOLD → The calm before the next surge. OANDA:XAUUSD since the opening of the session is forming a correction that may lead the price to the previously broken channel boundary, but on the high timeframe the instrument shows the prerequisites for bullish dynamics While the dollar index is strongly losing its positions the market feels it. Gold after consolidation at resistance is forming a correction to increase liquidity. A false break of the channel support may form an impulse to the resistance of 1960 - 1963 Gold is smoothly changing the trend and a break of the bullish channel resistance confirms the market's intentions. For us an important area for opening a long position will be the break of resistance 1960-1963. In this case the market will get the potential for another bullish rally. Earlier a breakout of MA-50 was formed and now the price is retesting it, a rebound to 1953 is possible before further growth. Support levels: 1953, 1950, 1946 Resistance levels: 1959.8, 1963 I expect that consolidation or correction will continue for some time, but as soon as the price starts to retest or enters the phase of pre-breakout consolidation, we should wait for a breakout of the resistance area with further growth to 1970. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
38
🥇GOLD - Stopping can lead to corrections and declinesGold stops after an active rally. The price is testing 1963 and forming a double top. Consolidation after resistance breakout may lead to correction. TA on the high timeframe: 1) Gold is still unable to pass through the resistance of 1963, a bearish candle and a stop is formed on D1. The candle closes below the opening of the previous candle. 2) Price stops after the rally. The next phase begins and the price may form a correction TA on the low timeframe: 1) gold is up between 1963 and 1953. The range formed is holding back the price. 2) The potential accumulated earlier can push the price up even further, but it should be realized that gold will not grow continuously. A pullback and trapping a certain part of traders is needed 3) The priority is to expect a pullback before further strengthening Key support📉: 1953, 1949, 1938 Key resistance📈: 1963
OANDA:XAUUSDShort
by AndeWave
9
🥇GOLD - The double top may start a correction Gold breaks the global bearish trend and forms momentum, but price fails to reach key zones and starts to form a reversal set-up. TA on the high timeframe: 1) The key liquidity area that is of interest to many is in the 1970-1980 area 2) A correction is being formed and most likely the growth to liquidity will continue after it TA on the low timeframe: 1) A double top is forming, a break of 1955 support will form an impulse to 0.236 or 0.382 fibo 2) The trend is upward, this pattern does not give hope for a trend change. 3) The decline will allow us to find more convenient support levels to buy at a favorable price. Key support📉: 1955 Key resistance📈: 1963
OANDA:XAUUSDShort
by AndeWave
18
GOLD → Waiting for correction after false breakout OANDA:XAUUSD is breaking uptrend resistance, which confirms a definitive trend change amid a weakening dollar. But what happens at the level of 1960? The mentioned level forms a prolonged consolidation. The market is trying to make up its mind after the rally, but it is necessary for the market to form a correction or consolidation in a more neutral zone, for example between 1960 and 1940. If the price forms a correction after the rally and a false break of resistance, it will form a flat with approximate boundaries: 1960 - 1940. The correction may start when the local support 1955.5 is broken, in this case the price will head to the upper boundary of the channel or to the level of 1940. A correction after a rally is a predictable reaction in the gold market. In the next few hours the breakout of 1960 is not worth waiting for, the price needs to replenish liquidity. A retest of MA50 is forming, if the support is broken, the price will give an impulse downward. Support levels: MA-50, 1955, 5 Resistance levels: 1960 I expect correction before further growth. The price is not ready to break the resistance of 1960, before that it is necessary to test the moving average. Regards R. Linda!
OANDA:XAUUSD
by RLinda
19