EURUSD BULLISH SETUPOn the daily timeframe, the EUR/USD price has reversed once again toward the resistance zone from the key highlighted level. Additionally, we see that on the daily timeframe, the price confirmed a bullish breakout from the bull flag pattern. This breakout has the potential to drive the price upward toward the next resistance level near 1.1245.
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GBPUSD IS BULLISH AND WHAT'S NEXT?The GBP/USD has broken above the major resistance at 1.31450, forming a well-defined bullish channel that has been guiding the price steadily upward. The upper boundary of this channel has acted as a strong resistance, and there is a possibility of a short-term pullback as the price approaches this level. This potential reversal could lead to a retest of the previous resistance. It's important to closely monitor how the price reacts to both the resistance level and the channel boundaries to make informed trading decisions.
EURUSD CONTINUES THE RALLY The EUR/USD has broken above the recent daily swing high at 1.11400 and is showing strong upward momentum. The next key resistance is around 1.12507, a level known for strong selling pressure. As the pair approaches this zone, we could see either a fake breakout or a continuation of the bullish trend, potentially wiping out selling positions due to the recent bullish sentiment. It's advisable to follow the trend, as the pair is signaling more long opportunities in the market.
GOLD UNCERTAINITY AND HIGH VOLUME UNDER CONSOLIDATIONXAUUSD has made a strong comeback on the hourly timeframe, leading to increased volatility and uncertainty. This heightened risk means that traders should exercise caution, as the likelihood of hitting stop losses is significantly higher. The current market price action is consolidating, which can be unfavorable for trading.
USOIL PULLBACK BEFORE ANOTHER DIP#USOIL As predicted last time, we observed a significant drop following the breakout identified in the bullish channel. Currently, we see consolidation, a bearish impulse, and now a pullback. We anticipate another downward movement once the current bullish impulse concludes. This is expected to retest the recent lows near the major demand zone previously highlighted.
GOLD POTENTIAL REVERSAL AHEAD ON DEMANDGOLD has declined following the release of the jobs data, but it has now reached a strong demand zone, where we previously observed significant buying pressure. If the price respects this level again, along with the lower boundary of the identified channel, we could see a bullish impulse before any anticipated downside momentum. However, a failed breakout at this support level would invalidate this projection.
DXY POTENTIAL REVERSAL WITH A BREAKOUTDXY is currently trading within an expanding channel. A potential reversal could occur if the price manages to break out bullishly from this structure and surpass the identified consolidation zone. However, if this breakout does not happen as anticipated, we might see a further decline or an extended period of consolidation.
NZDCHF BREAKOUT AND PULLBACK ON KEY LEVELWe recently observed a significant breakout and rally at a crucial level, followed by a price reversal back toward this key level where the initial breakout was confirmed. We now anticipate a retest of this level, expecting it to act as a support zone before another bullish reversal occurs.
BITCOIN FAILED ON RESISTANCE, WHAT'S NEXT? As predicted in our previous analysis, Bitcoin experienced a significant rally following the identified breakout. Currently, the price is once again encountering strong resistance at the major zone we highlighted earlier.
The recent bullish trend developed within a bullish channel, suggesting the possibility of a bearish impulse and another retest of the resistance zone. If Bitcoin fails to break through this resistance again, we might see the formation of a double top, potentially leading to a sell-off accompanied by increased volume.
CADCHF BACK ON RESISTANCE, POSSIBLE TRIPLE TOP PATTERNCAD/CHF has once again approached the major resistance level identified on both the hourly and daily timeframes. This level has repeatedly faced selling pressure, causing the price to reverse downward multiple times. Given the price's consistent respect for this level as a major sell zone, another potential sell-off could be imminent. Additionally, the most recent hourly candle closed with a bearish bias before the market closed.
AUDUSD BEARISH BREAKOUT ON TREND LINEAUDUSD has confirmed a breakout of the trend line. Following the breakout, we observed a bullish reversal back towards the key zone. However, we anticipate further downside momentum, with the reversal identified at the key zone. The next target is expected to be near the highlighted bottom support level.
AUDCAD TREND BREAKOUT AND CONTINUATIONThe AUDCAD pair has confirmed a trend breakout, and we are currently observing hourly consolidation forming within a flag pattern. This suggests potential further downside momentum, reinforced by the bearish signals for this pair. We anticipate continued selling pressure, likely bringing the pair back to the highlighted key level.
AUDCHF BULLISH CONTINUATIONAUDCHF has been on a significant bullish trend since breaking through a key level. I anticipate this pair will next target the major resistance around 0.61700. The bullish channel that has formed is critical, as the price action continues to hold within its upper and lower boundaries.
GOLD ON A STRONG BULLISH CHANNEL HEADING NORTHGold has once again surged from the support level near the $2280 - $2290 region. This recent rally has established a robust bullish channel on the daily timeframe, pushing the price back to the significant resistance around $2410. We might observe a minor reversal within the channel before the price resumes its upward movement after the pullback. This continuation is anticipated to mark the completion of the 5th wave, which is expected to extend further to the upside.
MUTHOOTFIN ON WEEKLY RESISTANCEMUTHOOTFIN has reached a crucial resistance level on the chart. The price has respected this highlighted zone, and we should watch closely for a valid reversal or breakout confirmation. Given that the previous run encountered significant selling pressure at this point, careful attention to price action on lower timeframes is necessary for confirmation. A breakout above the resistance will invalidate the bearish outlook.
EURCHF BREAKOUT ON DAILY RESISTANCE EUR/CHF has confirmed a bullish breakout above the daily resistance level. We anticipate a continuation of this bullish trend towards the next resistance zone identified from previous price action. It is likely we will see a minor retracement before the pair resumes its upward rally.
INFY ASCENDING TRIANGLE IDENTIFIEDINFY has formed an ascending triangle pattern on the hourly chart. A bullish candle has closed just above the resistance level, indicating potential upward movement. However, for a confirmed bullish trend, we await a clear breakout above the resistance. It's essential to note that a bearish breakout would invalidate this bullish projection, emphasizing the need for cautious observation.
BITCOIN HAS DONE A MAJOR TREND BREAKOUTBitcoin has formed a descending triangle pattern, with a false breakout occurring earlier at the lower support level. However, we are currently observing a bullish breakout along the trend line, as anticipated last week for BTC. If this breakout garners sufficient bullish sentiment and volume to establish robust momentum, it could signal a continuation of the rally towards the previous swing highs.
AXISBANK: BULLISH BREAKOUT AND POTENTIAL REVERSAL PATTERNAXISBANK has broken out bullish from a bearish channel, suggesting a potential rally ahead. Additionally, there's a chance of an inverted head and shoulders pattern forming. However, confirmation of this pattern requires waiting for a bullish breakout at the key level.
NIFTY50 INDEX BREAKOUT CONFIRMED, WHAT'S NEXT?The NIFTY50 has indeed followed the projection I made last week, confirming the breakout on the channel we identified. Now, I anticipate a continuation of the bearish trend towards the lower support level. This retracement should provide a significant pullback from the current bullish momentum observed on the hourly timeframe.
US30 HARMONIC PATTERN AND RESISTANCE ZONEThe US30 has formed a compelling harmonic pattern, displaying a distinct W pattern that spurred the recent rally. The resistance established at the peak is pivotal, as we anticipate a reversal when the price reaches that level. This is also where we anticipate the completion of the right wing of the harmonic pattern.