Key Support Holds for USD/JPY: Will the Pair Break Past 150?On Friday, USD/JPY experienced a significant sell-off, losing around 500 pips in a sharp downward movement.
However, after reaching the key horizontal support level at 141.64, the pair managed to find some relief and began a recovery, suggesting that the recent decline may have been short-lived. Currently, USD/JPY is working to negate this steep sell-off, indicating that the recovery process could be underway.
In my view, USD/JPY is poised to continue its rebound from the 162-140 decline, with the potential to surpass the psychological barrier of 150.
If the pair successfully breaks through this level, it could head toward the important resistance zone near 152, which will be a critical point for further bullish momentum.
For shorter-term traders, there are additional levels to monitor before reaching the 150 mark. Key upside targets include 147.30 and 149.40, both of which present potential profit-taking opportunities as the pair continues its recovery.
Signalservice
GBPJPY - ContinuationGBPJPY . Potential continuation from the previous analysis.
We believe that GBPJPY will continue to the upside if it manages to break 193.290 .
KEY NOTES
- GBPJPY has fallen to our PBA.
- KL 192.00 was broken.
- Break above 193.290 would confirm higher highs.
Happy trading!
FxPocket
You can check our last analysis posted on GBPJPY for better understanding.
Trading minute impulseOn the minute timeframe of XAUUSD at the moment we have the completion of the impulse formation. If the price continues to move in the direction of the impulse and the support zones do not allow it to overcome the base of the impulse, it may reach the targets 1 and 2. If the price fails to advance in the direction of the momentum and overcomes the support zone at the base of the momentum, it is very likely that the price will move sideways or against the direction of the momentum.
PROSUSDT (Prosper) Updated till 02-10-24PROSUSDT (Prosper) Daily timeframe range. if we zoomout the chart we can see price action got lots of space to move. its trying get out of 0.4003 which will be more optimal. it will be helpful if it get some more volume here to secure the level. local support at 0.2728.
Gold’s Correction Phase: Key Levels and What to Watch NextIn yesterday’s post, I discussed the possibility of a new leg in the ongoing correction for gold, pinpointing the 2630 zone as a potential area for this decline to materialize.
As it stands, XAU/USD has indeed dropped to that level and is currently showing signs of recovery.
However, there are two key takeaways from yesterday’s price action that need to be highlighted:
1. The correction fits within the broader bullish trend: Despite the pullback, it is essential to recognize that the movement appears corrective rather than a reversal of the overall bullish structure for gold.
2. Caution regarding the end of the correction: While gold is recovering from the 2625 level, it is premature to declare the correction complete. For confirmation that this phase has ended, the price needs to break above the 2650 zone and, crucially, close the day above that level. This would signal stronger momentum and increase the likelihood of further upward movement.
With this in mind, the strategy for swing traders remains focused on buying the dips. Until we see a decisive break and daily close above 2650, low volume is advised.
If that level is successfully breached, it would serve as confirmation that the recovery is gathering steam and could potentially open the door for gold to target the 2700 level in the near term.
In conclusion, while the current correction may have created an opportunity to enter at lower levels, traders should remain cautious and await a clearer signal before committing high volume long positions. The 2650 zone remains the key level to watch for further bullish confirmation.
ETH Price Analysis: Eyeing a Sell Opportunity Near Key ResistancAfter finding strong support around the 2150 zone, Ethereum (ETH) began a recovery and has since entered an upward trajectory.
While this recent upward movement is encouraging for short-term traders, the overall long-term outlook remains uncertain. There is a strong confluence of resistance around the 2900 zone, which may pose a significant barrier to further gains.
In my analysis, despite the recent rise, Ethereum bulls are not entirely in the clear. The market is still vulnerable, and there is a strong possibility of another downward move, potentially pushing the price below the critical 2000 level before we see a genuine reversal and a more sustained uptrend.
In conclusion, I'm looking to sell if Ethereum approaches the resistance zone, especially near the 2900 level.
My target will be at least the recent lows, as I anticipate that the market may struggle to break through this key resistance.
However, this bearish outlook would be invalidated if Ethereum sees sustained buying pressure above the 3000 figure.
Hellena | EUR/USD (4H): Long to the 100%-161.8% Fibo lvl 1.13296Colleagues, I reviewed the waves a bit and realized that the upward movement is likely to continue. At the moment I believe that the price is in wave “3” lower wave and in wave “5” higher wave.
Therefore, I think that the nearest target is in the area of 1.13296, which is 100%-161.8% of Fibonacci extension levels.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Btc at confluence support. 68k still in playSince the beginning of the month, BTC has been in an uptrend, recently breaking above its previous high of 64,500. After reaching a high around the 66,500 zone, the price began to decline in what appears to be a correction.
Currently, the price is sitting right at a key confluence support level.
If we're aiming for a move toward 68k, the price needs to hold above this level and not close the day below it.
However, if the price drops below this support, there's a strong chance that we've reached a local top, and further losses may follow.
NzdUsd could rise above 0.65Much like its larger counterpart, the AUD, the NZD found a bottom against the USD in early August.
Since then, the pair has been trending upwards and is currently testing a key resistance level.
A breakout here could lead to further gains, with the 0.65 level as the next potential target.
I'm bullish on the pair as long as the price stays above last week's low.
KOG's RED BOXES - SILVERSILVER – 4H
31.88 break above for 32.22 / 32.58 / 33.00
31.19 break below for 30.99 / 30.71 / 30.38
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As always, trade safe.
KOG
ORNUSDT (OrionProtocol) Updated till 29-09-24ORNUSDT (OrionProtocol) Daily timeframe range. finally its moving from its local low. not much of hold up till 1.813 if volume stays it can reach there. even if volume drops it needs to stay above 1.324 to see a push.
Alikze »» BAND | Descending channel failure🔍 Technical analysis: Descending channel failure
- It has been moving in a downward channel on the daily time frame.
- It is currently in the supply zone with the breakdown of the descending channel.
- In case of a pullback to the broken structure and maintaining the 1.17 area, it can continue its growth until the next supply area of the 1.75-1.95 range.
In addition, in case of failure of the supply zone of 1.75-1.95 range, the upward movement will continue towards the next supply zone, which can touch the 2.60 range.
💎 Alternative scenario: In addition, if the 1.17 range is broken down, the bullish scenario will be invalidated and can continue the correction up to the 0.97 area.
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BINANCE:BANDUSDT
Solana- Back to 160After briefly dipping below the crucial 120 support level, Solana managed to recover some of its losses from the recent high of 190, climbing back up to 160.
At this point, it encountered strong resistance, and after the second attempt to breach this level, the price started to decline again.
However, the drop was swiftly halted at the 120 support zone, and the price has since consolidated above this level.
At the time of writing, Solana is trading at 135, just below the local resistance in the 137 zone. A breakout above this resistance could set the stage for a move back towards the 160 level.
I remain bullish on Solana as long as the 120 support holds firm.
Alikze »» DOGE | channelized bullish wave 3 scenario🔍 Technical analysis: channelized bullish wave 3 scenario
- Following the analysis of the previous post , Dogecoin managed to experience growth in a downward channel until the ceiling of channel one, after which it entered a short-term correction.
- Currently, it has left the descending channel and is moving in a short-term ascending channel.
- Now it is at the ceiling of the ascending channel, it can meet the demand with the pullback to the broken structure and the middle range of the ascending channel and continue its growth until the supply area.
- According to the current momentum, the rising wave can grow as much as the previous wave or up to 1.618 supply range.
💎 In addition, if the green box is broken, this correction can continue until the origin of the movement and the range of 100 fibo.
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BINANCE:DOGEUSDT
GBP/USD Set for a Significant Break: Eyes on 1.3500 and BeyondAfter correcting from 1.3267 and testing the technical and psychological level at 1.3000, GBP/USD has started to rise again in a steady and stable manner. The pair encountered resistance just above 1.3400 and has dropped twice from that level.
However, each time, it formed a higher low and quickly reversed back toward the resistance. This pattern suggests an imminent breakout, which I expect to happen either today or by Monday.
If the breakout occurs, the next target could be the psychological level at 1.3500, followed by the technical resistance around 1.3650.
Can Bulls Muster the Strength for Another Rally?In yesterday’s video, I mentioned a high probability of Gold reaching a new all-time high (ATH) before undergoing a significant correction. As anticipated, the price pushed higher, with the new ATH now standing at 2685.
After hitting this high, the price experienced a quick drop, but bulls held strong around the 2650 support zone.
Since then, the price has rebounded to 2670 and has entered a phase of consolidation.
This consolidation is forming a symmetrical triangle, which often signals a continuation of the prevailing trend.
Considering today is Friday, and with the end of the month approaching, a push to test levels above 2700 is possible.
That said, it’s important to remember the saying: “Trade what you see, not what you think.” What we currently see is solid support at 2650.
As long as this support holds, the trend remains strongly bullish, making it risky to attempt to predict a market top.
Short-term traders could search to buy dips against 2650.
Alikze »» ORDI | Ascending channel - 1D🔍 Technical analysis: Ascending channel - 1D
- In the analysis presented in the previous post , after reaching the ceiling of the channel, selling pressure was encountered, which led to correction up to the green box area.
- There was a demand in the green box area, which has led to the failure of the supply area and neck line.
- Currently, it has exited the daily medium-term descending channel and is currently moving in a short-term ascending channel.
- It is currently in the supply zone, which can continue its growth with a pullback to the broken structure until the next supply zone.
- Short-term goals are 50, 53, 56, 60 dollars. In case of failure of the 53 dollar area, which is the ceiling area of the ascending channel, it can continue its growth until the supply area equal to the width of the channel.
💎 Alternative scenario: In addition, if it faces selling pressure in the supply range and loses the range of 37.5, it can continue the correction up to the green box range of the bottom of the channel.
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BINANCE:ORDIUSDT
Hellena | SPX500 (4H): Long to area 5791 (Wave 3).Dear colleagues, it seems that the price continues the upward movement in the wave “3” of the higher and lower order. This means that two scenarios are possible:
1) I expect a small correction to the area of 50% Fibonacci level 5550, then continuation of the upward movement.
2) Price will continue the upward movement in wave “1”, possibly immediately to the area of 5791.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Alikze »» SHIB | Upward wave 3 scenario🔍 Technical analysis: The scenario of the 3rd wave of the rising super cycle
- In the analysis presented in the previous post , after an upward wave up to the area of 2.618, the previous wave itself experienced significant growth.
- Currently, in the weekly time frame, after going through a downward trend in a channel, it managed to have a complex structural correction to the green box range, which led to an exit from the channel.
- Therefore, according to the current momentum, it will have the ability to reach the target of Fibo 1.618 range and then up to its previous ceiling.
- After that, if the previous ceiling is broken, the rising wave can extend to the specified supply area.
💎 In addition, if the previous floor or green box of stabilization occurs, the bullish scenario will be invalidated.
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BINANCE:SHIBUSDT