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Breakandretest

Potential Buy Opportunity on AUDNZDThe setup I called on AudNzd is beginning to play out. Initially, when price rejected from the weekly support level, it popped above the minor swing level and failed to find support for a bullish rally and completely violated the zone. Now, we've rejected off of the weekly support level once again, and popped above this minor level to try and find support. I have a hunch that sooner or later, we will find enough buyers to drive price towards the significant daily level. I'll be waiting to see how the hourly candle closes before determining if I'm comfortable placing a buy order or not. Just patience for now.
Long
by CapitalHillFX
GOLD?! What's going on! A repeat of June 2020?!Im getting a familiar feeling with Gold at the moment, something similar to how I felt in June 2020 before we had a 23%+ rally in Gold prices. Now, we all know that Gold loves a break and retest of structure to flush out weak hands and keep people guessing. But if we really isolate the price action from March '21 to now we can see some textbook chart patterns being formed. Firstly, An easily identifiable double bottom - followed by a surge in price as expected. We have then continued to create higher highs along the way and rallied almost 15%. As expected, when you see large moves like this it is natural to see corrections and retracements and we've almost had a picture perfect retracement to the Golden Area (61.8 fib retracement). This now brings us to June and for almost the whole month after the -8.69% move, we have been trading sideways and we can see for the month of June that, from a COT perspective large Institutions have been adding long positions. As anticipated on the 2nd of July price broke out of the range and comfortably blew back above $1800. On the left hand side, we can see June 2020 price action and how textbook the break and retests were (with hindsight of-course). But I am anticipating that we see something very similar... I expect a brief break back below $1800 before Gold catapults again. Fundamentally, we know that there are yet again further Covid-19 concerns. The FED are sticking with their transitory stance and from a COT perspective the big players are buying Gold again. Our favourite indicators are also cut for longs so we have our price alerts set ready for optimal entries and we move on to our other pairs! If you have any questions please feel free to comment. - Nick
OANDA:XAUUSDLong
by IroncladFX
Buy Opportunity on USDCADEven though I just got out of a trade last night with UsdCad, it appears another trading opportunity may be setting up. Price is heavily retracing back to the weekly support/resistance level and daily non-horizontal support level. The previous uptrend structure that price has created, along with the couple of confluences leads me to believe that we may have a bullish rally around this level of interest. Just patiently waiting on the sidelines until then.
Long
by CapitalHillFX
Potential Trend Reversal on EURCHFLooking at EurChf, we could be seeing a potential buy setup form. Price is having trouble breaking the weekly significant level after multiple attempts to wipe it out. A weekly non-horizontal support level is also identified for confluence that a bullish push may be in sight. If price could manage to break the daily resistance level and pullback with a retest as support, I would wait for some bullish confirmation before placing a buy entry. I'll wait to see if this ends up playing out.
Long
by CapitalHillFX
Potential Buy Opportunity on AUDUSDLooking at AudUsd, price has been in a steady sell off since the market opened at the beginning of the week. We have now approached a weekly support level, and price is beginning to bounce. Just looking at the market structure, it seems that the pair is relatively oversold and a potential retracement towards the H4 horizontal resistance level is very viable. Scoping down to the 1H chart, I'll be waiting for price to break and retest this minor swing level before looking at possible long options towards the resistance level.
Long
by CapitalHillFX
Potential Sell Setup Forming on EURJPYEurJpy looks very interesting for potential sell opportunities. Price is continually creating bearish market structure, and a downtrend area has been developed. I'll be waiting for a full retracement back to the daily significant level before looking for sell orders. To add confluence, we have an H4 trend line area that price could potentially reject away from as well. Looking for another lower high to be made, then its off to the races. Patience for now.
Short
by CapitalHillFX
Buy Opportunity for USDCADTurning to UsdCad, I still have a bullish bias for this pair. I expect a bullish rally to reject at a major level of interest. Price has recently rejected away from an H4 horizontal level. I'll wait to see if price could crack the H1 horizontal level before retesting as support. If we could crack this resistance, this would show a sign of strength and buy opportunities would be interesting following bullish rejection from the zone. Just patience for now.
Long
by CapitalHillFX
Sell Opportunity on EURUSDLooking at EurUsd, we could be seeing a potential sell setup forming. Price has created bearish market structure for the past couple months now, and I'm looking to capitalize on a short-term movement. Scoping into the 4H, I've identified a horizontal level that seems to be of interest. Price has broken and retraced back to the level to test as resistance. Looking into the hourly timeframe, I've also identified a minor horizontal zone to trigger if significant rejection is present from the major level. If we could get a break and retest of this minor H1 horizontal zone, I'll be looking for sells.
Short
by CapitalHillFX
Sell Opportunity on CADJPYLooking at CadJpy, price seems to be creating bearish structure ever since we've rejected away from the weekly resistance level. This could signal us that more downtrend structure is in store. Looking at the 4H timeframe, price is currently sitting around a significant H4 level that is acting as support. If price could crack this support and retest as resistance, this would be an interesting sell opportunity. I'm definitely keeping my eyes peeled for this one.
Short
by CapitalHillFX
Possible Buy Opportunity on USDCADLooking at UsdCad, we could be seeing a potential buy setup forming. At the end of last week, price closed below the hourly horizontal level that is clearly identified. At market open, price had a bullish push past the level is currently pulling back to retest as support. If price could present bullish rejection by wiping out the M15 horizontal level, that will identify a sign of strength for me. I'll be waiting for a break of this market structure before thinking of buy orders.
Long
by CapitalHillFX
EURUSD Analysis: Week 7/12/21 - 7/16/21Right now I'm seeing a short term opportunity to buy. I like the break of the yellow trendline and a break/retest of the blue zone is when I'll try to find an entry. News I'm watching out for. (all pairs) Comments about the timeline of interest rate hikes. Comments about quantitative easing (tapering or not). Keep an eye on the opec+ spat. Watch for tapering of production cuts. Watch for oil demand projections returning to pre-pandemic levels earlier than expected. Any news about vaccines being ineffective against new variants of the virus. News about more lockdowns due to virus variants. GL Traders! "You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ." - Warren Buffett
Long
by natron