Market Outlook – 2H Chart Analysis
After analysing the 2-hour chart, we can observe that the price has been consistently trading within a respected ascending channel since April 10, 2025. Following the formation of an all-time high (ATH) at 3357.775, the market experienced a shallow retracement, dipping just below the 38.20% Fibonacci level.
Currently, the price is consolidating around 3327.375 within a falling broadening wedge pattern, which is typically considered a bullish continuation pattern. The retracement zone between the 38.20% and 50.00% levels suggests that buyers remain in control of the trend.
Looking ahead to next week, as long as the price:
• Remains inside the ascending channel
• Holds above the key support level at 3288
• And eventually breaks above the falling broadening wedge and the resistance at 3332
…I anticipate a potential rally toward our first target, with the second target aligning with the 161.80% Fibonacci extension level.
However, if the price breaks below the support level of 3288, a further decline toward 3237.70 could be expected.
⚠️ Reminder:
Every trade carries risk. Strict adherence to your risk management strategy is essential to protecting both capital and profits.
Happy Trading,
SpicyPips
⸻
After analysing the 2-hour chart, we can observe that the price has been consistently trading within a respected ascending channel since April 10, 2025. Following the formation of an all-time high (ATH) at 3357.775, the market experienced a shallow retracement, dipping just below the 38.20% Fibonacci level.
Currently, the price is consolidating around 3327.375 within a falling broadening wedge pattern, which is typically considered a bullish continuation pattern. The retracement zone between the 38.20% and 50.00% levels suggests that buyers remain in control of the trend.
Looking ahead to next week, as long as the price:
• Remains inside the ascending channel
• Holds above the key support level at 3288
• And eventually breaks above the falling broadening wedge and the resistance at 3332
…I anticipate a potential rally toward our first target, with the second target aligning with the 161.80% Fibonacci extension level.
However, if the price breaks below the support level of 3288, a further decline toward 3237.70 could be expected.
⚠️ Reminder:
Every trade carries risk. Strict adherence to your risk management strategy is essential to protecting both capital and profits.
Happy Trading,
SpicyPips
⸻
Order cancelled
Another analysis published
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.