MarketBreakdown | GOLD, GBPUSD, EURGBP, EURJPY
Hey traders,
here is a brief technical outlook of 4 peculiar instruments on my watch list.
1️⃣ GOLD (XAUUSD) - Daily time frame 🥇
Gold broke and closed above a major falling trend line this week.
Then we saw its retest yesterday.
For now, I am bullish biased and expect a bullish continuation at least to 1786 - local high.
2️⃣ GBPUSD - Daily time frame 🇬🇧🇺🇸
The market is trading in a global bearish trend.
The market is steadily recovering within a bearish flag pattern from the middle of July.
To catch a bearish trend continuation, patiently wait for its bearish breakout.
3️⃣ EURGBP - Weekly time frame 🇪🇺🇬🇧
The price formed a huge head and shoulders pattern on a weekly time frame.
It makes me very bearish biased on the pair.
I believe that the pair will drop lower soon.
4️⃣ EURJPY - 3 days time frame 🇪🇺🇯🇵
The price has recently broken and closed below a key horizontal structure support.
Now the market is approaching that.
I will expect a bearish continuation from that broken structure.
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