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Ascending Channel

GOLD → A weakening dollar boosts the XAUOANDA:XAUUSD gained +1.1% over the past week. The market is quite strong and the end of the trading week shows a bullish mood and several indications that the growth may continue as the asset has not reached its target yet. The week ahead is full of important fundamental aspects. On Wednesday, Thursday and Friday important news will be released, here are the ones to pay attention to: - GDP (QoQ - CPI, Core PCE, Initial Jobless Claims - ISM Manifacturing, Fed Chair Powell Speaks The trend seems to be shifting towards inflation improving, the dollar is easing a bit, but the Fed will not cut rates yet, Powell will not make a major move at this stage when there is no fundamental anchoring yet and the market is just showing a reaction. The TVC:DXY on W1 is in a range, after a false breakdown of resistance the asset is heading towards support, the fundamentals support this decline. Gold on the other hand in its case is headed for a test of its range, the key level at the moment is 2010. Earlier, the price consolidated above the key support 1984, against which there was a struggle for several weeks, and also, the micro rally is triggered by the consolidation above 1993. The market is strong and on the background of the bullish trend is actively capturing important resistance levels. From the beginning of the opening trading session the local resistance at 2003.6 plays an important role, if this area is broken, the price will head towards 2010, then we should expect the price reaction to this area. The market is in the phase of realization of the bullish potential after the formation of a reversal set-up, bounce from the global trend support and false breakdown of MA200. The breakout of 2010, test of 2025 - 2048 may become the target of such realization. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
23
GOLD → The market is ready to continue to growOANDA:XAUUSD is standing still on Thursday, which we were prepared for. The TVC:DXY opens with a subsequent decline on Friday, which gives bullish hopes for GOLD to strengthen. Let's breakdown: On the local timeframe, the prolonged consolidation is forming a symmetrical triangle, but as a strong support area is forming below the pattern and the price is consolidating above the key liquidity zones, the market may try to realize a bullish scenario. This will be facilitated by a break of the triangle resistance, in which case our target will be 2005 and 2010. Also, due to the fact that the price did not test the liquidity area below 1993, 1984, we have a chance to start another correction before further growth. On D1 gold is in a range and since support was tested earlier, resistance is still our prospect. The target is the upper boundary of the range - the area of 2010. Key support: 1993-1992, 1990, 1984 Key resistance: 1998, 2005, 2010 I expect a break of the pattern resistance with further growth to these targets, but since a large liquidity area was formed below the support, the market may test this area before further growth. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
11
GBPUSD → Waiting for a breakthrough of 1.2560FX:GBPUSD after breaking the resistance of the ascending channel leads to a retest of the line in the format of a false breakout, indicating that the market is ready to continue its growth. The TVC:DXY forms a false breakout of resistance and on the peculiar fundamental background opens Friday with a slight fall, which appropriately affects the strengthening of the Pound Sterling. There is an important resistance level for the currency pair on D1: 1.2559 - 1.2560. The price is slowly and confidently approaching this area after a small pullback, which forms the third retest. The probability of resistance breakout increases with each test. The chance of this is also increased by the exit from the previously formed channel and the formation of pre-breakout consolidation near the key resistance. The strategy is simple: the breakthrough of resistance will be and price fixation on M5-M15 above the level will open the possibility to enter the market. (Or on a pullback (after the breakout) and on a test of 1.2560 as support. Resistance levels: 1.2560 Support levels: 1.2525, 1.25000 I expect that the next retest of the mentioned resistance will lead to the expected breakout with the subsequent price growth towards 1.2726. Regards R. Linda!
Long
by RLinda
8
GOLD → Support retest and low volatility is expected OANDA:XAUUSD may be low-volatility on Thursday ( today ) and form a narrow range as it is Thanksgiving Day in the US and in Canada, which I would like to congratulate the people of these two countries!!! Moving on to gold : The market continues to test the 1984 area. False breakdowns, prolonged trading in this area indicates that buyers and sellers are fighting for this area. A prolonged consolidation of the price above 1984 will form a bullish potential, which will indicate medium-term prospects for us. The TVC:DXY will stand still today, which will affect the forex market accordingly. Gold makes a false break of the local support 1994 and bounces from 0.5 fibo, but the important liquidity area has not been tested yet. It is likely that the dollar may continue to strengthen slightly on Friday, while gold may go lower to 1984 or trend support, but the fundamental background is still on the side of gold and we are still waiting for the continuation of the rise. Support levels: 1993, 0.5 fibo, 1984 Resistance levels: 1998, 0.236 fibo Today the price will trade within the narrow range of 1998 - 1993, 1990. A range trading strategy can be used for trading. Do not consider gold for medium-term selling at the moment, there is no reason to do so, the market is still technically and fundamentally strong for growth. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
10
🚧Bitcoin is Bullish now🚧 & many Traders don't see it 👀!!!Bitcoin is in the channel as well as the ascending triangle, which could very well push the price up. If the price can break the triangle, the price will easily reach 40k 🟡Summery: The price is in the ascending channel. The price is in an ascending triangle. 🤑Stay awesome my friend. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️
COINBASE:BTCUSDLong
by CobraVanguard
9
💱 NZDUSD - Growth will continue after correction NZDUSD shows us bullish dynamics. At the moment a false break of resistance is being formed, against which a correction may be formed, as the dollar may strengthen a little bit Prerequisites for further growth: 1) Bullish trend 2) The dollar will weaken further as the US inflation is weakening. 3) NZD price is rising against the dollar, the currency pair is not updating local lows. Key resistance: 0.60486 Key support: 0.60000
Long
by AndeWave
2
GOLD → Beginning of correction, possible test of support OANDA:XAUUSD forms another micro rally on Tuesday. On Wednesday, the price tries to test the high but fails to reach the area amid a strengthening TVC:DXY ahead of the news. Several important news are published today, I am interested in Initial Jobless Claims - as one of the inflation indicators. Analysts expect a slight improvement in this indicator, which may strengthen the dollar in the short term. But as we remember, the last 3 times the data was worse than the previous one. If they are better than expected, gold will show a slight correction and vice versa. From the last FOMC meeting: Fed members are not ready to cut the rate yet, but there is a high probability that they will not raise it again. From a technical analysis point of view: Gold looks quite strong despite the indicators data, we are judging on a fundamental basis. High interest, weakening dollar and geopolitical basis suggest further price growth. The 1984 level still plays an important role for the market. At the moment the price is in the range of 2004-1993-1984. Since today's retest failed to update the high, the price is forming a correction. The market is aiming to test the nearest support. We highlight several most important scenarios regarding the overall situation: The main sense of which is either consolidation or retest of resistance after a small correction. But in the long term, I expect a breakout of the local resistance and the direction of further growth towards the global targets. Support levels: 0.236 fibo, 1993, 0.382 fibo, 1984 Resistance levels: 2000-2004 I am expecting a correction and news data that may determine the short to medium term outlook. I still see gold as an asset that can strengthen its price in the near term. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
11
SPX: Reached a Resistance After an Insane Rally!The SPX has reached a critical resistance area. As observed on the daily chart above, the index hit the 4,541-resistance line (black line), which was a previous top level from September. This resistance line is quite close to another key point, the 4,567, an open gap since August (yellow line), making this whole area a zone of resistance. Although the SPX showed some weakness today, there is no sign of a top nearby, and the index would have to make a serious bearish reaction in order to reject the bullish sentiment. In my opinion, as the index has just hit a resistance area after a relentless rally since October 30 (last bottom), a pullback would be healthy. In this scenario, I see it seeking the gap below the price around 4,421, near the 21 ema. However, it must make a decent top signal to convince me that it will correct. What if the SPX breaks its resistance area? In theory, it would resume the bull trend seen on the weekly chart. Its next technical resistance is the 4,607, and above this key point, we see the all-time high at 4,818, near the purple trend line that connects the tops of its Ascending Channel (which is another bullish chart structure). Therefore, given the multiple chart structures observed in this analysis, we conclude that the SPX is in a mid/long-term uptrend, however, a mid-term pullback would be acceptable now, as it just reached a critical resistance area – the only thing missing is a clear top signal. Keep in mind that, statistically speaking, November is the greenest month, with an average return of 1.71% (since 1950). December is another good month for stocks, going up 1.50%, on average, and it ends up being a positive month 75% of the time. I’ll keep you updated on this, so remember to follow me if you liked the content. All the best, Nathan.
SP:SPX
by Nathan_The_Finance_Hydra
2
BTC Daily Chart 9th november 2023In my previous idea i indicated the ascending channel in which COINBASE:BTCUSD is currelty moving. We had a recent retest of the bottom trendline followed by a rally towards the upper trendline. Usually ascending channels are a continuation formation so in a way i am hoping/expecting for a breakout BUT if we compare the trenline to the RSI indicator we can spot a bearish divergence, indicating a possible correction in the near future (we could already spot the divergence on the 4h chart and has now also formed on the daily chart, giving it more validation). So i would be cautious and look for confirmation on any next move (like a positive retest of the upper channel-line indicating it flipped from resistance to support). It's hard to predict how BTC will manage to get out of the channel (breakout or breakdown) but at least we have a range/channel to focus on. When BTC breaks the channel we can expect a more significant move.
COINBASE:BTCUSD
by Bullissimo
📈 AUDCAD Long Opportunity: Waiting for ConfirmationHello fellow traders, Today, we're keeping a close eye on a potential long opportunity in the FX:AUDCAD currency pair. Let's dive into the analysis: 📈 Upward Trend: The overall trend for this pair is in an upward direction, and it has been moving within an ascending parallel channel. 🛠️ Support Break: However, a noteworthy event has occurred - the support within the parallel channel has been breached. 📉 Lower Lows: Prior to the support break, AUDCAD was forming lower lows, signaling a potential shift. 🤔 Assessing the Situation: Now, there's a support level beneath the ascending channel, creating a possibility for a fakeout before a potential upward move. ❗ Caution: It's essential to acknowledge the risk involved. There's only a limited chance of success as this level has been previously tested. 💡 Wait for Confirmation: We should exercise patience and await a confirmation candle before making a decision. This is a critical step in risk management. 📌 Stay Informed: I'll keep you posted on whether it's a viable entry or not once we have the confirmation candle. Stay tuned! Until we meet again, trade wisely. Thanks & regards, Alpha Trading Station 🌟
Long
by AlphaTradingStation
4