MarcellusLUX

MarcellusLUX

Gold is in a consolidation phase. However, it might end very soon and the uptrend is likely to resume again. Gold has retested the broken resistance level of 1757 and currently price is above the support level. So, expecting a rally to 1800 and beyond soon. Buyers can buy between 1760-1767 with SL below 1752 and TP at 1815.

MarcellusLUX

Dear traders, in my previous AUD/USD analysis, I recommended selling AUD/USD at the 0.7815 resistance level. As you can see price dropped exactly from the resistance level and hit the 0.77 support. So, the sell trade gave us 110+ pips. (Previous idea attached below for reference) Currently, price is at the support level and the last 4 hour candle shows bears...

MarcellusLUX

Dear traders, in my previous GBP/JPY analysis, I advised you to buy at 149 level with TP at 152. That trade generated close to 300 pips profit.( Previous idea attached below for your reference.) Currently, it seems like GBP/JPY might visit the 149 level once again after reversing from the resistance. I would be looking to put sell entries near the 151.30 level...

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EUR/USD is currently in an uptrend but the price action looks weak. Price is currently going up in a price channel. However, the RSI is printing lower peaks with each successive peak in the price. This indicates that the uptrend is weak. So, sell when price reaches the top of the upper TL or if breaks down through the lower TL.

MarcellusLUX

Gold is currently in a consolidation phase before the next big move happens. Based on the price action, the next move will most likely be bullish. So, if XAUUSD dips to the 1760-1765 level, a buy trade will be a good option. A potential buy between 1760-1765 with SL below 1752 and TP at 1815 is a possible trade set-up.

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USD/CAD is currently at the previous low from where it can potentially bounce up to the resistance at 1.2650. Today's daily candle will be important. If we get a bullish candle at the current level, then the possibility of a uptrend in the next few days will increases. Based on bullish price action, traders can buy USDCAD@1.2385-1.2400 with SL below 1.2310...

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AUD/USD's recovery has stopped at the 0.7815 resistance level. Some bearish candles have also formed at this resistance level and price is currently below the 0.78 level. If this bearishness persists there is a chance for a drop to the 0.7730 level. Based on bearish price action, traders can sell AUDUSD@0.7795-0.7815 with SL above 0.7850 and TP at 0.7730 ....

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In the shorter time frame, AUD/USD appears to be in a ranging market. Price is showing bearishness in the resistance level. So, a drop back to the support level is quite possible. If the bearishness persists, a sell between 0.7746-0.7760 with SL above the resistance and TP at 0.77 is a possible sell signal.

MarcellusLUX

GBP/JPY is approaching a strong support level between 148.50-149.30. So, there could be recovery from this level. Currently, price is stabilizing in the support area . So, if we see some bullish price action in the support area , then a buy between 148.50-149.30 with SL below 148 and TP at 152 is a possible buy signal.

MarcellusLUX

Gold bulls have been unable to break the 100 day EMA . In fact, we have two bearish daily candles in this area. It's possible that a correction may happen in Gold soon. If price action continues to show weakness, a sell between 1785-1794 with SL above 1800 and TP at 1755 is a possible sell signal.

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In the hourly chart, EUR/USD has gone up from the 1.1994 support level. Based on the price action it seems like bulls will take the price a little higher before a correction can take place. If price reaches the 1.2125-1.2145 level and there is bearish price action on the hourly chart, then, a correction can take place upto 1.2060.

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In the daily chart, EUR/USD is showing bearish price action at the upper TL of the broadening wedge. Multiple bearish candlesticks have formed in this area. So, likelihood of a strong decline is increasing. Selling EUR/USD@1.2030-1.2060 with SL above 1.21 and TP at 1.1850 is a possible signal.

MarcellusLUX

GBP/JPY is approaching a strong support level between 148.50-149.30. So, there could be recovery from this level. Currently, price is stabilizing in the support area. So, if we see some bullish price action in the support area, then a buy between 148.50-149.30 with SL below 148 and TP at 152 is a possible buy signal.

MarcellusLUX

The resistance area in the daily chart of EUR/JPY appears to be holding well. We have got multiple rejection/bearish candles in the resistance area with long wicks at the top. This indicates that the sellers are gaining an upper hand while the bulls are losing momentum. If this continues, EUR/JPY can drop as low as 128. So, depending on bearish price action,...

MarcellusLUX

Gold bulls have been unable to break the 100 day EMA. In fact, we have a bearish daily candle in this area. It's possible that a correction may happen in Gold soon. If price action continues to show weakness, a sell between 1785-1794 with SL above 1800 and TP at 1755 is a possible sell signal.

MarcellusLUX

Wedge Patterns are a type of chart pattern that is formed by converging two trend lines. Wedge patterns can indicate both continuation of the trend as well as reversal. Rising Wedge- On the left upper side of the chart, you can see a rising wedge. Rising wedges usually form during an uptrend and it is denoted by the formation higher highs(HHs) and Higher...

MarcellusLUX Updated 

Yesterday, BOC was more hawkish in their statement than expected. Quite naturally, the Canadian Dollar appreciated against almost all the major currencies. USD/CAD also took a hit and dropped more than 180 pips after the event. However, you can see the price has been consolidating in a support level. Chances are, this support level will hold and price will...

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NZD/USD has recovered well for the last two weeks. However, the recovery is facing some resistance in the resistance area. From the chart, you can see that price has dropped from the resistance zone. Price has also created a small rising wedge pattern which is a bearish sign. So, there's a good chance that NZD/USD will drop from the current resistance...