EUR/USD LONG FROM SUPPORT
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We are now examining the EUR/USD pair and we can see that the pair is going down locally while also being in a downtrend on the 1W TF. But there is also a powerful signal from the BB lower band being nearby indicating that the pair is oversold so we can go long from the support line below and a target at 1.116 level.
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Forecast
CAD/JPY BEARS ARE STRONG HERE|SHORT
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The BB upper band is nearby so CAD-JPY is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 102.154.
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NZD/JPY SENDS CLEAR BULLISH SIGNALS|LONG
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NZD/JPY pair is in the uptrend because previous week’s candle is green, while the price is evidently falling on the 3H timeframe. And after the retest of the support line below I believe we will see a move up towards the target above at 90.941 because the pair is oversold due to its proximity to the lower BB band and a bullish correction is likely.
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GOLD: Market Sentiment & Forecast
The charts are full of distraction, disturbance and are a graveyard of fear and greed which shall not cloud our judgement on the current state of affairs in the GOLD pair price action which suggests a high likelihood of a coming move up.
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US100 Is Very Bullish! Long!
Take a look at our analysis for US100.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 19,879.7.
The above observations make me that the market will inevitably achieve 20,228.4 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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GOLD Is Going Up! Buy!
Please, check our technical outlook for GOLD.
Time Frame: 4h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 2,637.609.
Taking into consideration the structure & trend analysis, I believe that the market will reach 2,658.674 level soon.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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CHFJPY Will Go Higher From Support! Buy!
Take a look at our analysis for CHFJPY.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 172.733.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 174.189 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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AUDNZD Will Move Lower! Short!
Please, check our technical outlook for AUDNZD.
Time Frame: 2h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 1.104.
Taking into consideration the structure & trend analysis, I believe that the market will reach 1.101 level soon.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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SILVER SHORT FROM RESISTANCE
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Previous week’s green candle means that for us the SILVER pair is in the uptrend. And the current movement leg was also up but the resistance line will be hit soon and upper BB band proximity will signal an overbought condition so we will go for a counter-trend short trade with the target being at 27.288.
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AUD/JPY BULLS WILL DOMINATE THE MARKET|LONG
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AUD/JPY is trending up which is obvious from the green colour of the previous weekly candle. However, the price has locally plunged into the oversold territory. Which can be told from its proximity to the BB lower band. Which presents a classical trend following opportunity for a long trade from the support line below towards the supply level of 101.193.
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CHF/JPY BEARS ARE GAINING STRENGTH|SHORT
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CHF/JPY pair is trading in a local uptrend which we know by looking at the previous 1W candle which is green. On the 3H timeframe the pair is going up too. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 171.302 area.
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GBP/CAD BULLS ARE STRONG HERE|LONG
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Bearish trend on GBP/CAD, defined by the red colour of the last week candle combined with the fact the pair is overbought based on the BB upper band proximity, makes me expect a bearish rebound from the resistance line above and a retest of the local target below at 1.779.
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EURGBP: Expecting Bearish Continuation! Here is Why:
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current EURGBP chart which, if analyzed properly, clearly points in the downward direction.
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DXY Will Go Up From Support! Long!
Please, check our technical outlook for DXY.
Time Frame: 12h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 102.413.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 103.410 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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SILVER Will Go Lower! Sell!
Here is our detailed technical review for SILVER.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 31.909.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 29.771 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GBPUSD Will Go Up! Buy!
Take a look at our analysis for GBPUSD.
Time Frame: 8h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 1.308.
The above observations make me that the market will inevitably achieve 1.318 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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BITCOIN Will Go Up! Long!
Here is our detailed technical review for BITCOIN.
Time Frame: 5h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 61,313.45.
Considering the today's price action, probabilities will be high to see a movement to 62,824.63.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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GOLD SELLERS WILL DOMINATE THE MARKET|SHORT
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We are targeting the 2,571.814 level area with our short trade on GOLD which is based on the fact that the pair is overbought on the BB band scale and is also approaching a resistance line above thus going us a good entry option.
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AUD/CHF BULLISH BIAS RIGHT NOW| LONG
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We are now examining the AUD/CHF pair and we can see that the pair is going down locally while also being in a downtrend on the 1W TF. But there is also a powerful signal from the BB lower band being nearby indicating that the pair is oversold so we can go long from the support line below and a target at 0.584 level.
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NZD/CHF BEST PLACE TO BUY FROM|LONG
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It makes sense for us to go short on NZD/CHF right now from the resistance line above with the target of 0.531 because of the confluence of the two strong factors which are the general downtrend on the previous 1W candle and the overbought situation on the lower TF determined by it’s proximity to the upper BB band.
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