3/8 Trap Set Up Short GBPJPY Outlook Weekly Chartlooks like GBPJPY tested resistance level and closed with bearish engulfing pattern.
if currency continues to the downside we will consider opening a trade and target support levels for big profits.
Chort
GOLD pause in RESISTANCE zone and FALLThe rise in the price of gold has continued since the beginning of the week, however, correction in relation to the main downtrend that has existed since August 2020. Having bounced off the level of 1679.67 at the end of April, the price began to grow. During this growth, it was able to break through the support line of August 2020 - 1737.17. After that, it fixed on it and continued to grow.
At the beginning of this week, the price came to the resistance line 1784.21. This is the trend line for August 2020. The price tried to break through the line, but the strong resistance level of 1792.36 immediately passed. Therefore, I am sure that the price will not be able to break through it and continue to grow. I expect the price to fall from this resistance zone, fix on the line at 1766.23 and come to the support line at 1713.65. This will be our goal.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
GBPUSD correction, FIX on RESISTANCE line and FALLThe price has been actively increasing since April 2020. At the same time, of course, there were collapses, but in general, the upward trend has been preserved all this time. The basis of the growth is the support line, also formed in April. During the growth, the price was also able to break through the 1.340 support line, which had previously been a correction zone for the price.
After the breakdown of this line, the price rose to the resistance of 1.375, made a breakdown, but having bounced off the older resistance at 1.416, it dropped again. It stopped at the support 1.366 and worked out a perfect correction, consolidating at the resistance line 1.382. After this commit, I expect the fall to continue. So my final target is the 1.360 support line.
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GBPJPY reasons for falling pricesLast week the price came to the resistance 152.15.
This is an important line on the chart - the top line of the rising channel.
The channel was formed in 2019.
The price broke it out but came back in March 2020.
And since then has been growing in the channel.
From resistance 152.15 the price turned around and started to fall.
It has broken through the strong resistance zone at 149.44.
This zone consists of the level + line of October 2019.
After the breakout, the price immediately consolidated towards the zone.
And now I expect it to start falling.
With corrections, the price will break the 147.44 support.
And it will go down to support - the lower line of the channel.
The target is 143.76.
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GOLD now - growth, after - falling to supportSince August, the price has been in a downward channel.
In early December, the price came to a strong support at 1814.55.
And last week it broke through the support line (the upper channel line) 1857.53.
Thus, leaving the channel and changing the trend to an upward one.
Now the price is at the local support line (since September).
The price moves towards the resistance level, but will not break it.
This is a historically strong level, which the price touched only twice, and broke only once (in August 2020)
I expect gold to move in stages
1 - First, the price will rise through the correction to the resistance level of 1922.01
2 - Then it will fall, break through the support line 1884.74 and consolidate on it.
3 - As a result, the price will go down to the lower support line.
The target is 1844.63.
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GOLD continues FALLING to support levelAs I said in the previous forecast, the price begins to fall from a strong resistance line, although it is doing this quite slowly so far.
Its fluctuations are caused by the presence of the support-resistance level right there. However, I am still convinced that the level will not be able to stop the price decline. First, because recently we have already seen a breakout of this level. Secondly, because the resistance line itself, although it has existed only since August 2020, has been quite successfully holding back the price growth for all these months. Not counting, of course, the period of the US elections.
Therefore, in the near future I expect that the price will break through the level and fall first to a small support line. There she will work out the correction and start falling again. Will break the line and go down to the support level 1798.39.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
NZDUSD fall and return in channelDuring strong growth since the beginning of November, the price has broken through the upper line (resistance) of the ascending channel in which it has been moving since the beginning of 2020.
Then it came to the strong resistance line at 0.710.
And from her began to fall.
This is one of the strongest lines on the current chart.
She was educated in 2015.
Over the years, the price approached the line several times after a strong growth, but never broke through.
Despite the fact that the breakout of the channel is a serious sign, I expect the price to fall from the resistance.
So even if the price now corrects to it (which I doubt), it is still unlikely to break.
Moreover, the price is already showing a downward trend.
I expect the price to come to the support line (with a correction near the upper channel line).
The target is 0.688.
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GOLD on strong RESISTANCE zone. Start FALLGold passed part of the way according to the plan outlined by us earlier - namely: it rose to the resistance zone.
From the support level of 1766.34, the price jumped and rose to the resistance level of 1798.39. There is a very strong resistance zone at this level.
It is formed, firstly, by the level of resistance itself. Secondly, at the same place, the level crosses the July 2020 resistance line.
As you can see on the chart, the line has already given an impulse for a price reversal several times. So right now I don't think the price will be able to break this strong zone.
I expect the price to move along the resistance zone and then fall back to the support level. The final target is thus a support level of 1766.34.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
I have taken a short position on the gbpchf currency pair!Today i have carefully analyzed a great harmonic setup for the bears on the GBPCHF currency pair. I have displayed my analysis here for you to review and I hope it helps with your trading today. I would also love some feedback.
