MarketBreakdown | GBPUSD, USDJPY, NZDCAD, SILVER
Here are the updates & outlook for multiple instruments in my watch list.
1️⃣ #GBPUSD daily time frame 🇬🇧🇺🇸
GBPUSD broke and closed above a resistance line of
a bullish flag pattern on a daily.
Because the pair is trading in a long-term bullish trend,
such a violation is a strong bullish signal and a clear sign of
strength of the buyers.
I think that the pair will continue growing.
2️⃣ #USDJPY weekly time frame 🇺🇸🇯🇵
The market is very close to a recently broken
major rising trend line that turned into a resistance after a breakout.
I suggest looking for a pullback trade from that because
a bearish reaction will most likely follow after its test.
3️⃣ #NZDCAD daily time frame 🇳🇿🇨🇦
The price formed an ascending triangle pattern on a daily.
We see a breakout attempt of its neckline at the moment.
A daily candle close above the underlined blue area will be a strong bullish confirmation.
A bullish continuation will be expected then.
4️⃣ Silver #XAGUSD daily time frame 🪙
Looks like Silver has completed a correctional movement
and returns to a global bullish trend.
A recent breakout of a key daily horizontal resistance confirms
a local dominance of the buyers.
Do you agree with my market breakdown?
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XAG USD ( Silver / US Dollar)
Silver H4 | Approaching pullback resistanceSilver (XAG/USD) is rising towards a pullback resistance and could potentially reverse off this level to drop lower.
Sell entry is at 28.15 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level.
Stop loss is at 28.90 which is a level that sits above the 78.6% Fibonacci retracement level and a pullback resistance.
Take profit is at 27.21 which is an overlap support.
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$SILVER will overperform $ETH ?In this #silver against #ethereum (XAG/ETH) chart, silver formed a bull flag against #ETH and also there' s a gap downside as seen on the chart. If this index make bullish breakout to upper red box, then i may expect some issues:
- ETH and #crypto may go into a corrective wave.
- Silver pumps, ETH just underperforms.
OR Whole markets' correction / dump.
If index goes to fill the gap: #ETH pumps.
Not financial advice.
Has silver turned the corner?Silver's bullish engulfing candle on Thursday may have marked the end of the corrective phase for the metal, potentially paving the way for a new bull trend.
On Thursday, XAGUSD found strong support from the area around $26.50, where it had taken off in May. It is essential that it now finds some follow-through on the upside.
An ideal scenario for the bulls today would be if we can close above resistance in the $27.60-$28.00 range, with a more significant level seen around $28.65.
Short-term support is seen around $27.26, marking Thursday's high. It is important that silver at the very least holds above this level heading into the close.
By Fawad Razaqzada, market analyst at FOREX.com
Silver Could Be BottomingSilver has been slowing down for the last three months, but drop on 4h time frame is in three waves A-B-C, which indicates for a corrective decline within higher degree wave IV. It's now potentially finishing final subwave (5) of C at 26.50 - 26.00 strong and key support area. If we get sharp or five-wave impulsive recovery back above 29.22 first bullish evidence level, then it can easily send the price back to highs for wave V.
Elliott Wave Intraday Analysis on Silver (XAGUSD) Looking to BuyShort Term Elliott Wave View in Silver (XAGUSD) suggests that pullback to 28.58 low ended a wave (A). The metal turned higher again in wave (B) ended at 31.75 high. The market resuming lower from wave (B) high breaking below 28.58 low to rule a larger correction. It means, Silver is developing a wave (C) of ((4)) as a zig zag Elliott Wave structure. Down from wave (B), wave ((i)) ended at 28.65 and wave ((ii)) ended at 29.45. Wave ((iii)) lower ended at 27.40, and pullback in wave ((iv)) ended at 28.19. Wave ((v)) ended at 27.29 which completed wave 1. Pullback in wave 2 ended at 29.22 high and the metal resumed lower in wave 3.
Down from wave 2, wave ((i)) ended at 27.93 and wave ((ii)) ended at 28.67. Wave ((iii)) lower ended at 26.49, and pullback in wave ((iv)) built a triangle structure ended at 27.16. Currently, silver is trading in wave ((v)) of 3. We are calling for one more low to end the cycle. The ideal place to end this wave comes in 26.32 – 26.06 area, where buyers should appear to start wave 4 pullback. Near term, as far as pivot at 29.22 high stays intact, expect pullback as wave 4 to fail in 3, 7 or 11 swing for further downside in wave 5 of (C).
XAGUSD:Clear Bearish Pattern Signals Potential Short OpportunityHey Realistic Traders, let's dive into the technical analysis of OANDA:XAGUSD
XAGUSD has consistently moved below the EMA90 line, indicating a strong bearish trend. Historically, it also broke the Ascending Broadening Wedge (ABW) pattern, and more recently, it broke out of the symmetrical triangle. This second breakout strengthens the possibility of continued bearish movement. Additionally, the MACD has formed a bearish crossover, where the MACD line crosses below the signal line, suggesting potential downward momentum. These technical indicators support a potential downside movement to 26.02030 (Target 1) and 25.44300 (Target 2).
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on XAGUSD."
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SILVER: Bulls Will Push Higher
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current SILVER chart which, if analyzed properly, clearly points in the upward direction.
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Silver has a strong bearish momentum, could it fall further?The price is rising towards the resistance level which is a pullback resistance that is slightly above the 38.2% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 27.68
Why we like it:
There is a pullback resistance that is slightly above the 38.2% Fibonacci retracement.
Stop loss: 28.16
Why we like it:
There is a pullback resistance level which is slightly above the 61.8% Fibonacci retracement.
Take profit: 26.86
Why we like it:
There is a pullback support level.
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SILVER BUY OVERVIEWHere's the beauty of closing out partial profits & sticking to your rules in trading. We originally closed out 50% of our position at £18,000 profit, followed by the remaining 50% at £17,600 profit, as I kept an eye on price action & noticed price would likely start dropping now.
We made 0 losses & enormous profits off our Silver buy analysis, which was called live for you all🦾
Silver Faces Increasing Pressure: Cautious SentimentSLO2 @ 31.77 📉
SLO1 @ 30.28 📉
TP1 @ 27.43
TP2 @ 25.03
TP3 @ 23.27
TP4 @ 20.55
BLO1 @ 19.89 ⏳
BLO2 @ 18.30⏳
SL @ 17.55 🚫
🔑
BLO = BUY LIMIT ORDER
SLO = SELL LIMIT ORDER
TP = TAKE PROFIT
SL = STOP LOSS
📉 = Order Triggered
⏳ = Order Pending
SUMMARY
The current market sentiment and technical indicators suggest that the silver downtrend may continue. Nevertheless, the current circumstances are subject to change, so it is advisable for traders to proceed with caution and carefully observe any updates in the market.
FUNDAMENTAL
The price of silver has pulled back to around $28 per ounce, reversing its recent gains due to concerns about a potential recession and a general increase in risk aversion. Concerns about a potential economic downturn have been heightened by the US economy's weaker-than-expected job growth in July. As a result, investors are now looking for safe-haven assets.
TECHNICAL
Despite the anticipation of significant interest rate cuts by the Federal Reserve, the general market sentiment remains pessimistic for silver. Based on the technical indicators, it appears that the downtrend may continue, as the short-term moving averages are currently positioned below the longer-term averages. Nevertheless, it is crucial to take into account the conflicting signals from various technical tools and closely observe fundamental developments before finalizing any trading decisions.
FUTURES
In addition, the recent decrease in delivery volume in the Comex silver futures market suggests a decrease in physical demand. Although this data point is worth considering, it is important to analyze it in the larger market context in order to make meaningful conclusions about the price trajectory of XAGUSD.