Since breaking out of its daily correction, Gold has been super strong with price now hitting the -27% Fib extension level. Any corrections could be opportunities to buy with a view to price heading towards the -61.8% Fib extension level. Will it finally reverse there?
Price has now corrected to the 61.8% Fibonacci retracement level. The correction may be over and we could see buyers push price higher, breaking out of the structure and towards the -27% Fib extension level. Look for buy setups that meet your strategy rules.
Price has been selling off impulsively since it's double top/rejection of 1.1200 in August and September this year. We may start to see a correction now, with a Hammer candle being printed over the last 2 days of trading. Is this a sign of selling exhaustion? Watch the Fibonacci retracement levels as they could act as a target for buyers and an area where sellers...
After 9 consecutive bullish daily closes, USD/CAD printed a Shooting Star candle after retesting the broken daily trendline. There is potentially some downside to follow if we break the low.
A significantly weaker NZD compared to AUD is pushing AUD/NZD higher. With a clear bullish sentiment on the daily chart, we might see resistance at 1.1150 tested again.
Price printed a bullish impulse earlier this month. The subsequent price action saw a break through and close above the 1.6200 barrier. This was previously support back in early September.
Now with price seemingly forming a corrective pattern and retesting 1.6200, we wait to see if buyers enter the market for the next impulse higher.
Price has rejected the bottom of the range with a Morning Star Pattern on this time frame. There is a potential for price to push higher now with a possible final target of 1.5150 at the top of the range.
Price is moving within an ascending channel but has rejected resistance at the top of the channel and has started to make it's way to the downside.
Look for opportunities to sell, with a view that price may be potentially heading back towards support.
Price is seen to be moving within a range on this 2 hour chart.
Sellers have been unable to close below $2664 and buyers unable to close above $2668.
The candles at the end of last weeks trading suggest that buyers are still present and price could move back towards the top of the range once again.
Look for buy setups that meet your strategy rules if you agree...
Price appears to be moving within a rising wedge pattern.
5 waves as (shown in the image) can often be seen before the breakout below the structure.
Watch what happens if/when price tests support at the bottom of the wedge.
Price now sits at daily resistance, last seen tested and rejected in December last year.
Price only entered this over valued zone on the last day of trading this week. Does the market still class NZD/USD as over priced here? Watch how price reacts.
A break below the daily trendline and a correction pattern could form an opportunity to sell this market.
EUR/CAD is moving within a daily range between 1.4900 and 1.5150.
There have been multiple rejections of each level, the most recent being in mid September with price reversing at 1.5150 after spending 4 days testing the level.
There is a potential that price will head back towards the bottom of the range again.
Look for sell setups that meet your strategy...
Since price printed a swing low on 11th September, we have seen a gradual increase in price and an uptrend form.
0.94200 was acting as resistance until broken on 19th September. Mondays and Tuesdays retest candles look like the market is now rejecting the zone with a possibility of more upside into the 0.9500 zone.
Price has rejected the trendline for a third time, twice in August and more recently this month. Also this month we saw price break out of the counter trendline, which in turn could indicate a push from the buyers is now underway. If you agree with this analysis, look for buy setups in line with your trading strategies.
The AUD/NZD daily chart may possibly be setting up for a next lower high, in line with the current downtrend that has been in play since the end of July this year.
With price still above the counter trend line (CTL), there is no sign of sellers taking control of the market just yet.
If price can close below the CTL, there may be opportunities to short this...
Price has entered a support zone at (140 to 141) last tested at the end of December 2023. Fridays, Mondays and Tuesdays candle have printed a Morning Star pattern which can be interpreted as a change in momentum from sellers into buyers when seen at support. With FOMC from the USA on Wednesday and the BOJ rate statement on Friday, things could look a whole lot...
Inside the weekly range of 0.58600 support and 0.63500 resistance, there appears to be a 'flag' correction pattern forming. This flag pattern can often signal more upside to come after it forms after a bullish impulse. If price can break and close above the counter trendline, we may see weekly resistance tested again.
Stepping back to examine the bigger picture for Gold, we see price in a consolidation from August 2020 until a breakout began in February 2024. Using a Fibonacci retracement tool, it identifies that price rejected the 50% retracement, broke above and retested the -27% Fib extension level and has a high probability to continue bullish to test the -61.8% Fib around...
