MarketBreakdown | EURUSD, USDJPY, GOLD (XAUUSD), EURAUD
Updated
Hey traders,
A lot of forex majors are standing on key pivot points right now.
Here are some of them that I am monitoring at the moment.
1️⃣ EURUSD - Daily time frame 🇪🇺🇺🇸
1.185 was the previous structure low and a local strong key level.
Even though the price attempted to violate that last week,
with a strong rejection, a daily candle closed above the underlined level.
While the structure looks respected, local bullish bias remains.
To confirm a coming bearish wave, now I need a daily candle close below 1.18
2️⃣ USDJPY - Daily time frame 🇺🇸🇯🇵
The pair is trading in a bullish trend.
Higher highs and higher lows are respecting the boundaries of a rising channel.
Last week the market has violated and closed above a previous year's high.
Now we see a retracement.
I am waiting for a test of a support of a channel as the point to buy from.
I will wait for an intraday confirmation as an entry reason.
3️⃣ EURAUD - 3 days time frame 🇪🇺🇦🇺
The price is approaching an important confluence zone.
1.562 - 1.569 is a key historical area.
For now, I am looking for buying opportunities from there being bullish biased.
With an intraday confirmation, I will buy.
Being bearish biased, wait for its bearish breakout (at least daily candle close below),
it will be a strong bearish signal.
4️⃣ GOLD (XAUUSD) - Daily time frame 🥇
On intraday time frame the market looks very bullish.
The price has successfully broke above an intraday structure resistance.
The last resort for sellers is 1810 level.
The price might retrace slightly from that, but something tells me
that in a mid-term more growth is coming!
Next major resistance to watch is 1843 - 1857
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