After a 39% decline since June, natural gas prices seem to have bottomed out on August 5th. However, after the initial bounce, the price has been consolidating over the last 9 days, forming an inverse Head & Shoulders pattern. This pattern suggests that a breach of the $2.38 level could potentially lift the price by 7.65%, targeting the $2.57 level.
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Ethereum prices have been trading sideways for 11 days since August 9, and when an asset struggles to move higher, it often tests support levels. On a breach to $2510, ETH could potentially fall to $2,412, and if this support level does not hold, the price could drop another $100 to reach $2,312.
However, if ETH stays above $2,510, the short-term uptrend...
Last week, we noted that if gold prices traded above $2,479, they could push towards $2,587. This scenario is unfolding as expected, and longer-term traders remain bullish above $2,470.
For short-term traders looking to capitalize if we have a dip, we will focus on focusing the support range between $2,479 and $2,511. If prices reach this interval, buyers may...
The Swiss franc triggered a double bottom pattern earlier today as the price traded below the August 14th and August 19th low of 0.8617. This pattern suggests a potential drop of 118 pips, which could bring the price down to around 0.8500, though this target might be ambitious in the short term.
However, a move towards the August 8th low of 0.8560 would not be...
On August 14, we noted that a push above 1.0959 would trigger an ascending triangle pattern with a target of 1.1254, with a potential stop at the December high of 1.1140. The market is now moving towards that level. However, in the short term, the risk-to-reward ratio for buying EUR/USD is not particularly favorable.
That said, the risk-to-reward ratio improves...
The Nasdaq 100 is short-term overbought. This doesn’t necessarily mean the index needs to decline, but the risk-to-reward ratio for new long positions is unfavourable at current prices. However, it would become favourable on a drop to the 18,835 to 19,163 range, with the lower range level being the short-term trend-defining level. Resistance levels are shown on...
GBPUSD is expected to maintain its short-term uptrend as long as the price stays above 1.2842. The nearest resistance is at 1.29, with the next level at 1.2933. Traders who are not currently long may wait for a pullback to the 1.2842 to 1.2877 range to secure a more favorable risk-to-reward ratio.
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EUR/USD will maintain a short-term uptrend as long as the price remains above yesterday's low of 1.0947. The nearest resistance level is at 1.1012, followed by 1.1044. Traders who are not already long will likely wait for a correction to the 1.0947 to 1.0975 range to achieve a better risk-to-reward ratio.
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USD/JPY jumps as jobless claims improve and retail sales beat estimates. An ascending triangle targets 149.91, in play above 146.99.
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Silver prices have been under pressure in recent weeks, but that hasn't always been the case. Earlier this year, we identified a breakout that suggested a potential 25% increase in price, which largely materialized. Now, the price has returned to the ascending triangle breakout point around the $26 level. The market has bounced off this level, and as long as it...
Is this the breakthrough for EUR/USD bulls? After two failed attempts to break higher from wedge patterns in July and early August, it seems bulls may be third time lucky as the price has triggered an ascending triangle pattern. This pattern suggests that EUR/USD could reach as high as 1.1254, provided it stays above yesterday's low of 1.09. Resistance remains at...
Gold traders are banking on Middle Eastern tensions to escalate, pushing prices near the previous high of $2,487 and forming an ascending triangle pattern. Ideally, prices would consolidate or dip slightly, solidifying the pattern and increasing the chances of a successful breakout.
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Could this week’s slide in ETH be the last buying opportunity before Trump potentially takes over in November and turns the U.S. into a crypto powerhouse? Or is it just the start of a bigger bearish move, with the 🇺🇸 unemployment rate possibly hitting 5.5% in the coming months?
Keep a close eye on $1,998. If we remain above this level, the price will stay in the...
EUR/CAD recently broke out of a significant wedge pattern that took 169 days to form, signalling potential bullish momentum ahead. This classic technical indicator suggests that the pair could reach 1.5268, with a more aggressive target identified at 1.5440.
In the short term, the price action has pulled back slightly, testing key the high from November 2023 at...
Last week's surprise rate hike from the BoJ sent shockwaves through the USD/JPY pair and broader markets. However, recent comments from the BoJ indicate that they may hold off on further rate hikes until the market stabilizes. The BoJ is also counting on a soft landing for the US economy—a scenario now seemingly less likely. This might pave the way for a bounce in...
Eth has been trading sideways for the past 1 day and 18 hours, during which time it has formed a small ascending triangle pattern. Given that the pattern is only a day old, there is a high likelihood of failure. However, for traders with a high risk appetite, it might still present an interesting opportunity.
Additionally, we are witnessing a gradual short...
Keep a close eye on USD/CAD over the next 24 hours. The price appears to be forming a head-and-shoulders pattern, with the price action from early August representing the left shoulder, the high from August 6 forming the right shoulder, and the 1.3887 level, which capped the price from August 1 to August 5, serving as the head.
The pattern suggests that if the...
EURUSD bears are trying to invalidate a wedge pattern by sending the price below 1.0887, yet bulls are not giving up quickly, and if the level holds, EURUSD could reach a fresh monthly and 2024 high.
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