CHFJPY: Confirmed Bearish BreakoutA bearish reversal has been identified on the CHFJPY chart.
Following a period of consolidation, a significant double top pattern was formed on the 4-hour chart.
The neckline of this pattern was violated yesterday, and there is now a confirmed breakout of the support range being retested by the market.
It is likely that the pair will continue to decline towards the 174.02 support level.
Double Top or Bottom
NZDUSD: Bearish Movement From Resistance 🇳🇿🇺🇸
This morning, I shorted NZDUSD.
I was waiting for a bearish signal after a test of an intraday/daily horizontal resistance.
A double top pattern and a breakout of its neckline gave a strong signal to sell.
We can expect a bearish movement now.
Goals: 0.5982 / 0.5962
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USDCAD double top or continue upward?On the 4-hour chart, USDCAD is currently consolidating at a high level. At present, we can pay attention to the breakthrough direction of the market. If the price falls below the 1.3823 support line, a double top pattern will be formed, and the market will start to go down, with the downside target around 1.3750. If the price breaks through the resistance near 1.3959, it will continue to rise, and the market will go above the 1.400 mark.
Double BottomDouble Bottom around 168 -168.50; a bounce
is expected.
Tomorrow's Closing is Important.
Sustaining 168 , may lead it towards 190 - 193.
On the flip side, if 168 is broken, we may
witness further downside; but it should touch
180 - 181 once before going down.
However, for a Trend Reversal, it is important
to cross 201 - 202.
Is a Trend Reversal Coming?OANDA:EURUSD
Multi-Timeframe Analysis
Current Price: 1.07962
Potential for a Bullish Reversal:
EUR/USD is showing strong signs of a possible bullish reversal across multiple timeframes, marked by key technical indicators:
• Breakout of Descending Channel Upper Trendline
• Weekly Major Support Zone
• Potential Double Bottom Formation
• Emerging Bullish Divergence
Descending Channel Breakout:
The price has broken above the descending channel’s upper trendline (highlighted in the red circle on the chart), turning this line into a weaker resistance zone.
Weekly Major Support Zone:
We anticipate that price may retest the major weekly support level at 1.07421. This zone could serve as a solid foundation for a double bottom formation, combined with a bullish divergence. If this occurs, it could present an optimal entry point for buyers.
Top of Trading Range:
Should price rally, the next significant resistance lies at the top of the trading range, around 1.08635. Given the strength of this resistance, we might see a pullback at this level before further movement upward.
Price Target:
Based on technical indicators and chart patterns, the final target stands around the psychological level of 1.10000.
Key Levels to Watch:
• Support: 1.07421
• Resistance: 1.08635
• Target: 1.10000
Stay tuned and happy trading!
IRCON' S SUPPORT & RESISTANCE BULL OR BEAR ???- Hellooo, let's come towards main point as we can see from the daily chart Ircon is at its main support level which is 192 and from the same level it took support 4 times and reached 239-240 level.
- The level of 239-240 will act as resistance for it and if it breaks the next target or resistance will be at 280 or 281 if we talk about percentage then Ircon can give upto 30%.
- The strategy what we can use is to buy at lows so atleast if consider average issues then still we can earn minimum 15-20% in short term or above it.
- S = 192 R=240 R2 = 280 R3= 301 & R4 = 351
- This are all my personal views not a buy or sell recommendation
GBPUSD 4H longThis setup was not interesting for me last week but this week it is.
The trend reached a weak and small demand zone so that's not interesting.
But given all the price action for the last 2 weeks arround this level it makes it a stronger support level.
Especially the strong bear candle so people ( including me ) think this will go bearish.
Then suddenly it goes bullish, this is how allot of people loose money and that is what "they" need to move the markets.
Entry trigger was because the price was bought up above the "weak" support line. Then we see some small indecision candles and after that another medium strong bull candle.
That is a bullish sign for me so I entered :)
There is off course US elections so high impact news but I will take that risk. The setup looks solid.
USDJPY: Pullback Movement Continues 🇺🇸🇯🇵
Following my yesterday's trading idea, USDJPY nicely respected
a key horizontal support bounced from that.
Analyzing a 4H time frame, I see one more bullish confirmation today.
This time, the price formed a double bottom pattern and violated its neckline.
Growth will most likely continue, at least to 152.9
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GBP/CAD D1: Potential Breakout from Rising Wedge with Double TopOn the daily chart of GBP/CAD, I’ve identified a Rising Wedge pattern with a Double Top formation within it, signaling a strong potential for a significant bearish movement. A similar pattern previously occurred on September 9, 2023, when a bearish breakout from the Rising Wedge was confirmed by a double top, followed by a sharp downtrend.
Currently, the same pattern has reappeared, with the price forming the second peak of the double top, but a breakout confirmation is still pending. The next price movement is illustrated by blue arrows, indicating the expected downward direction if a breakout occurs. Additionally, the breakout area is marked with a red rectangle to clarify the critical support level that needs to be breached, while the double top’s peak is highlighted with an orange circle to emphasize this key pattern level.
The strategy plan here is to wait for a breakout below the Rising Wedge support line to open a sell position. The profit target is set at the 1.7310 level, with a stop loss placed above the double top level, around 1.8200. If a breakout confirmation occurs, the bearish movement is expected to drive the price closer to the set profit target.