Get started

Descending Triangle

GOLD → Counter-trend correction before further decline OANDA:XAUUSD is testing a key liquidity area after breaking triangle support. The price updates the global lows and confirms the presence of an ongoing bearish trend The price fails to reach the support at 1912.7 and forms a rebound. Most likely the target of 1912.7 is still valid, but before the support is retested the market needs more liquidity and for this purpose a correction is formed to retest the previously broken level. The price is heading towards the triangle pattern. The line of 1922.5 can be tested, or the price can go a little further, for example to 1927.5 or to 1932. It is impossible to talk about global growth now, the price is in a strong falling movement and continues to update the lows. We are looking for strong resistance areas to sell. Resistance levels: MA-50, 1922.5, 1927.5. Support levels: 1915,5, 1912.7 I expect the decline to continue after the retest of these resistance levels. Bearish trend reigns on the market. Take it into account in your trading. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
24
GOLD → The bear's paw regulates the market. The red zone OANDA:XAUUSD is forming a setup that can accumulate the potential to continue falling. The price is testing local support and forming a rebound before further decline The global bearish trend continues to develop. The price failed to pass through the 1980 area, forming a false breakout of the resistance area. A downward price channel is formed on the chart, after breaking the trend support the price forms a prolonged consolidation below the support. A descending triangle is formed, which can be interpreted as a dpavlenie prodlavleniya on buyers in the area of 1922. Moving averages show a strong trend and act as resistance. MA-50 confirm the local resistance of the triangle. Support levels: 1923,5 Resistance levels: 1927.5, triangle resistance In the medium term, I expect a continuation of the fall, but before that there may be a rebound to 1927-1930. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
15
GOLD → Support retest indicates buyer weakness OANDA:XAUUSD has weak buying power at the moment. There is no update of local highs, the price is returning to the support retest. The probability of support breakdown is increasing On the daily timeframe the price tried to test the strong resistance 1939, a false breakdown is formed and consolidation below the level. After this phase we saw a local distribution and another retest of the downtrend support. The price is testing another support at 1935.8, consolidation below the level will create a bearish potential and in the short term the price may form an impulse to 1927. Support levels: trend support, 1935.8, 1927.5. Resistance levels: 1943.3, 1954. The probability that the support breakout will be true at this point is very high, the above described prerequisites for why the bulls are weak. On these bases, I am prioritizing a decline Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
25
USDCAD → Range breakout. Realization of consolidation FX:USDCAD has been forming a bearish price channel for a long time. For the last few days, the price has been forming a symmetrical triangle, which is forming an attempt to change trend The price is moving out of the range on August 2. The impulse is formed on the background of strengthening of the dollar index and the price is testing 1.3370. Today such news are published as: 1) NonFarm Payrolls (Expected to decline) 2) Unemployment Rate (expected to decrease). Expectations of the news were not met earlier, the indicators are quite positive for the dollar index, which indicates a stronger economy even as fitch downgraded the US credit rating from AAA to AA+, but this does not say much in the current realities. The USDCAD currency pair is consolidating in the range of 1.3370 - 1.3320, with another retest of resistance, the level may be broken, but if the price starts a correction, it may head towards the channel boundary. Support levels: 1.3320 Resistance levels: 1.3370 I expect that on the background of strengthening of the dollar the price may break the resistance and form a movement to 1.3565, but there is a chance of correction formation. Regards R. Linda!
Long
by RLinda
18
GOLD → Resistance pressure on D1. Waiting for news OANDA:XAUUSD is forming a descending range after breaking the local trend. On D1, the chart is showing strong pressure from resistance and is forming a descending triangle which could give a strong fall, but there is news ahead... The price is testing the support at 1943 with the last move, making a false break and thus updating the local low to 1941.29. Based on the situation on the local timeframe and on the D1 we can say that the sellers are stronger, the fundamental background of the last trading week adds some confidence for this. Today ADP NonFarm Employment Change is published ( analysts expect a decline in the indicator, therefore the dollar may react negatively ), this press release can give us a rough mood for Thursday and Friday ( INJ, ISM, Nfp, UR are published ) Still, technical analysis initially lays a large percentage of the expected movement, even before the publication of the news and at the moment there is a preponderance of forces in the direction that the market is preparing for a fall. When enough weighty news is published, this imbalance may shift and in this case the price may break 1954, 1960 and head towards 1974 Support levels: 1943 Resistance levels: 1954, 1960 In priority I expect a decline to 1943 with the subsequent breakout, but on the background of news the price may act unpredictably and break the resistance. Watch the price reaction. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
29
🥇 GOLD - Retest of market support, readiness to decline Gold breaks through the 1963 resistance, but as it turns out this maneuver is false. The descending price channel is contributing to the price action, while at the same time price is retesting the support area and retracing back to that area to test the breakout attempt. TA on the high timeframe: 1) Price is approaching range support. NFP related news may negatively affect the price 2) The liquidity area against which an entry point can be formed is around 1942. A breakout or false breakdown is possible TA on the low timeframe: 1) On July 27, the price tests 1942 and forms a rally to 1973, after which the price does not go further, but comes back and tests 1942 again, but now already updating the local bottom 2) After a few hours and a retest of the liquidity area 1950-1955, the price returns to the support retest. Most likely the market is negative. 3) A pre-breakout consolidation is forming, which may break the market support under the pressure of fundamental factors. Key resistance📈: 1950 Key support📉: 1942.5
OANDA:XAUUSDShort
by AndeWave
10
🥇GOLD - The current scenario is a bear channel Gold is forming a bearish channel, the area of density on the side of resistance, which the price failed to pass, begins to pressure the market and thus makes the price of the asset weaken. TA on the high timeframe: 1) Price is still in a range 2) The bearish trend is valid 3) The liquidity area where the price can go is below 1943. TA on the low timeframe: 1) Price breaks 1963 again and forms a false break of the level 2) We should expect price to consolidate below the level, or below 1953 to look for a selling entry point 3) The price is likely to acquire a target in the form of a downtrend support area around 1940. Key resistance📈: 1963 Key support📉: 1953
OANDA:XAUUSDShort
by AndeWave
7
💱 NZDCHF - Pre-breakout setup. The market is getting to fall NZDCHF continues to observe a multi-month bearish trend. This time price finds limit support at 0.53362 and continues to make an onslaught on this zone. TA on the high timeframe: 1) The strong bearish trend continues. Price is unable to update the local highs 2) Flat (consolidation) is being formed. Within the consolidation, the price is approaching the support for another breakout TA on the low timeframe: 1) A bearish channel is formed. The price bounces off the resistance and tests the support 2) The currency pair is squeezed between 0.54000 and 0.53360 3) Another (4) support retest is formed. Under market pressure after the next test, the price may break the support and head lower towards 0.52500 Key support📉: 0.53360 Key resistance📈: 0.54000
Short
by AndeWave
14
NZDCHF → Activity of dynamic sellers forms a triangle FX:NZDCHF is forming a multi-month descending triangle. Globally, the currency pair is under downtrend pressure. What's going on? Buyers are forming the limit zone at 0.5444, sellers continue to press this area since the end of April, thus a descending triangle is formed on the chart, which speaks for itself. False breakdown of the support does not give the result and we see an attempt of another retest of the support level. Formation of the subsequent test or pre-breakdown consolidation will form the momentum that can break the mentioned support and form a bearish impulse towards 0.5350. But, if the buyers hold the zone, the price will head upwards. A breakout and consolidation of the price above 0.5496 will be a buy signal. Support levels: 0.5444 Resistance levels: 0.5496 I expect the support breakout based on the technical feature of the currency pair at the moment. Medium-term target is the support at 0.5350. Regards R. Linda!
Short
by RLinda
16
GALAUSDT - The price is coming out of the old rangeBINANCE:GALAUSDT goes beyond the resistance of the global descending channel that has been forming for a year. Now the price is forming a wedge. What to expect next? A break of the channel resistance forms a new channel, but at the same time the price is squeezed by the current range boundaries in the wedge format. In the near future, we should expect a retest of resistance followed by a breakout. The altcoin market is starting to revive and a GALA breakout of this area may give us a good potential. There may not be a strong reaction at the moment, as bitcoin is in the correction phase, but the prerequisites are clear on the chart. Support levels: previously broken boundary, 0.02310, 0.1783. Resistance levels: 0.02694 I expect consolidation followed by a breakout of 0.02694 and then a retest of the wedge resistance. The extreme movement may give a signal. Regards R. Linda!
Long
by RLinda
16
🥇GOLD - Forming a breakout pattern and growth continuationGold amid a rally halt after a breakout of the global downtrend forms a pattern of breakout and continued upside. TA on the high timeframe: 1) After the breakout and trend change, the price stops and forms consolidation. The absence of a fall will be regarded as the readiness of the market to continue growth 2) Consolidation is formed near 1960 TA on the low timeframe: 1) against the background of stopping the rally, the price forms a flag 2) The bullish pattern will start its realization after the price breaks the resistance of the figures. In this case the instrument will get a new potential 3) The important zone for us is 1959-1963. The price going beyond it can form an impulse of 1% and reach the area of 1980 Key support📉: 1953 Key resistance📈: 1959, 1963
OANDA:XAUUSDLong
by AndeWave
25
GOLD → Active strengthening, retest of a previously broken lineOANDA:XAUUSD has been strengthening during the last two weeks. The signal for this was a false break of support 1907, formed back in March 2022. The price is approaching strong resistance and its growth is starting to slow down. What's next? Gold is strengthening towards the 1963-1965 area, with a key resistance line close by, which is the previously broken trend support. On Friday, gold draws a false break of one of the local resistances and forms a bearish candle. The session in the first half of the week could be bearish, but for now there are signs that the upside will continue. Although the Fed is still aggressive, but their policy is not considered as tough as before among traders, speculators and investors. The dollar has weakened quite a bit and continues to fall. The index has broken through a key support area and has entered a range within which it could fall to 95 and even 90, which would be a strong enough momentum for gold to strengthen further to 2000, 2050 and even 2100. There are several important news releases this week and it is worth paying attention to expectations and the general fundamental background before they are released, as harsh statements can have a strong impact on the price. From a technical analysis point of view, a strong resistance may be followed by a technical pullback before a further rise. Globally, the situation is neutral and looks even more bearish than bullish, but against the backdrop of the dollar may draw some conclusions. Regards R. Linda!
OANDA:XAUUSD
by RLinda
15
💱EURGBP - A break of support forms a signal EURGBP is breaking the descending triangle support and at the same time forming a retest of the previously broken boundary. Global trend, 0.85220 resistance plays a key role TA on the high timeframe: 1) A break of flat support defines a new path for price. A channel to 0.84600 is opened 2) Price is in the liquidity zone. The resistance level at 0.85220 may form a sell entry point TA on the low timeframe: 1) Bears are developing their scenario. After the support breakout, a predictable retest is formed 2) Global trend and local trend coincide. Both are downtrending 3) If the price enters the triangle range, an impulse to the resistance of the figure may be formed, but in the long term I expect a decline from both the triangle resistance and the level 0.85220 Key support📉: 0.84600 Key resistance📈: 0.85220, 0.85550
Short
by AndeWave
5
GOLD → The price is standing still. What's going on? OANDA:XAUUSD continues to stand still and form a consolidation within the 1938 - 1912 sideways range. The rebound to resistance is likely to continue in the format of a bounce to support. On the daily and weekly chart there is a consolidation in the red zone, after the breakdown of the key support levels. Most likely an energy buildup is forming before the rally in one direction or the other. In order for the counter-trend correction to be recognized as a trend change, the price has to break the resistance 1935-1939. In this case the market will start to form a strengthening of the price and a bullish trend will start to form. At the moment within the counter-trend correction you should wait for the decline from the resistance 1933, or the retest to 1920 (1912) with further breakout and decline to the global minimum. Support levels: 1920, 1212 Resistance levels: 1933, 1935, 1939 I expect a local rise followed by a fall - since that is how the price behaves inside the range. The Fed is still aggressive policy and most likely, the market has decided to rest a bit before the further movement. Regards R.Linda!
OANDA:XAUUSDShort
by RLinda
32
GOLD → Mid-term perspective OANDA:XAUUSD breaks the uptrend. A break of the support of the bullish price channel ends the impulse to 1893 and forms a smooth transition to the state of consolidation in the flat boundaries On Friday, the price makes a retest of the previously broken support level of 1935. Tandem of technical and candlestick analysis does not give the preconditions for a possible breakout of the resistance in the near future. In the first half of the week the price might again test the 1935-1939 area and make a false-break. The situation looks bearish at the moment, so my main priority is the downside of the price to 1907 with a new attempt to break-through this support. The moving averages are also pointing at the formation of a global flat. 1954-1870. The strong pressure from the sellers is likely to be still present in the market. The medium-term outlook points to a possible further decline. To make a bet on further growth from the technical analysis point of view, the price should break through the resistance area of 1935-1935, and then the momentum to 1960-1981 will be formed. There are some interesting news in the week ahead. The inflation in the west is still high and in that case the gold has negative fundamentals as the Fed continues to aggressively look at the rates. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
19
💱EURCHF - A triangle is formed. We wait for a bounceEURCHF continues to decline and forms a pattern. a break in the support of which will form the continuation of the trend. TA on a high timeframe: 1) A flat is forming. But, the price does not reach the resistance and continues to fall to the support. 2) The retest at 0.97505 might form a breakthrough, which will send the price to 0.97200. TA on the low timeframe: 1) Within the triangle, the price drops to 0.97375. A retest of the figure support and subsequent pullback is possible. At the moment the price continues to form a pattern 2) Within the figure we may buy from support and sell from resistance. 3) I expect strengthening of the price from the support area till the retest, then from the upper border we will consider short set-ups Key support📉: 0.97357 Key resistance📈: 0.97660
Long
by AndeWave
6
EURUSD → Fundamental and TA diverge. What's next? FX:EURUSD has been declining all week. The correction continues to the lower boundary of the uptrend, and after a false breakdown of support the market responds with a bullish reaction. The daily timeframe is turning a triple top, but everything is ambiguous. Price is in a global fleet. Within a local uptrend, a false break of channel support increases liquidity and the market builds bullish volumes, against the news this reaction may be temporary. If the wedge resistance is broken, a consolidation above the line can be formed, followed by an impulse towards the key resistance. The Fed is not going to give up and is increasingly saying that rates will either be kept or increased in the medium term, in which case the currency pair may show us a bearish mood. Support levels: 1.08485 Resistance levels: the upper boundary of the wedge, 1.0945, 1.1000 I expect an attempt to break through the resistance of the wedge. If it succeeds, the price may head towards 1.0945 within the channel. But if the consolidation in the wedge continues, there will be a chance to break through the trend support. Regards R. Linda!
by RLinda
10
GOLD → FOMC meeting forms a bearish candleOANDA:XAUUSD is testing 1933 and after the third retest it forms a false-break. A Triple Top pattern (local value) appears on the chart. The price decreases to the support and forms a local consolidation. The retest of the 1912 area indicates to us that the market is preparing for a decline. A pullback to 1920 might be the key maneuver. If the price rebounds to 1912 and continues consolidating near the support, it is a good hint that the market is about to break the support and test the new low. But again, as long as the price is in the 1912-1938 range, it might continue rising above the 1920 level. Consolidation could last for quite a long time. Since at yesterday's FOMC meeting the majority supported holding the previous level or a rate hike, it is a priority to consider selling. A bearish candlestick is forming on the daily chart after the retest of the resistance area. If the sellers are ready with volumes, the price can quickly test the global low in the medium term. Resistance levels: 1920, 1930, 1933 Support levels: 1914, 1912, 1909. The price is squeezed in the 1920-1912 consolidation, the next retest of support may result in a breakout. Regards to R.Linda!
OANDA:XAUUSDShort
by RLinda
22