GBPUSD Long SignalTime Frame: Daily
Symbol: GBPUSD
Bias: Long
SIgnal Analysis:
The overall trend is down but we can expect a short term weekly move upward and have a high chance of accumulating some pips in upward reversal.
Freeforextips
Weekly outlook of Gold SpotIn June, XAUUSD and MCX Gold crash due to FOMC events. It has recovered almost 60% to 70% loss in the July month.
Gold spot needs to break 1809 levels to retest support of 1793.6 - 1783.6 . These support levels will push the gold price higher. Gold isn't sellable until the breakout of 1766 ( strong support ).
XAUUSD will touch 1858 - 1898 levels soon.
Watch significant releases or events that may affect the movement of gold, silver, crude oil, and natural gas:
Wednesday, Jul 21, 2021
02:00 API Weekly Crude Oil Stock - Medium Impact
20:00 Crude Oil Inventories - High Impact
20:00 Cushing Crude Oil Inventories - Medium Impact
Thursday, Jul 22, 2021
20:00 Natural Gas Storage - Low Impact
Part 2: What Drives Gold (XAUUSD) Prices?PREVIOUS:
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Weekly outlook of Gold Spot -
WHAT'S NEXT:
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Key levels: 1793.6 and 1783.6
According to my previous newsletter, my gold key levels will remain the same. It's not sellable until breakout the 1766 (strong support).
In XAUUSD, buying pressures are increasing. We may see 1812 - 1824 - 1836+ levels.
Alternatively, gold is taking a reversal from the first key level, so its upside rally may be weak. But, day traders can play between my range. And stop buying when it breaks the first key level. That could drag down the gold price directly at the second key level ( 1783.6 ).
And gold's closing price below 1783.6 means blast. It may hit the strong support level directly.
Please note, don't forget to watch significant releases or events mentioned above in the chart that may affect the movement of gold, silver, and crude oil.
USD/JPY May Continue DeclineUSD/JPY has made a high of 111.66 and took a U-turn. Its impulsive wave breaks at support trendline breakout. It can keep falling from the dynamic resistance trendline ( DRT ). We may see 109.54 - 109.15 - 107.48 soon.
Don't sell after a breakout of DRT or 110.7 level. And do not forget to watch significant releases or events mentioned on the above chart that may affect the movement of USD/JPY.
Techanical Analysis of USD/JPYAccording to the 4H chart of USD/JPY, its uptrend can extend and touch the following target prices: 111.11 - 111.50
Invalidation: prices below ii or 50 MA.
AUDNZD May just break the resistance and continue to rise up!AUDNZD is putting pressure on resistance and likely to continue to rise as it has created lower highs below resistance. Also, daily candles closed just above the resistance mean a high probability of going up.
AUDUSD is in Resistance zoneAUDUSD currently just below the daily resistance zone. there can be 1:2 sell trade as described but please make your own analysis before taking this trade.
BUY EURJPY The price has touched the resistance with no apparent strength, we expect a pullback, so we decided to go long.
📊EURJPY
BUY PRICE: 127.53
TP: 127.93
TP:128.33
SL: 127.13
R/R: 1/2
AUD/USD: ELLIOT WAVE THEORY (EWT)AUD/USD started to rise from the support trendline. And it's made the Elliott wave pattern on the daily time frame. After the ABC correction, now it's trying to hit 0.7660 - 0.7700 - 0.7800 .
But what if it breaks the support trendline?
If it starts to fall, the targets will be 0.7400 - 0.7360 .
EURGBP: HEAD & SHOULDER PATTERNEUR/GBP has made the head and shoulders pattern on the daily timeframe.
After breaking the neckline, it's moving to reach 0.8776 - 0.8700 .
But if it starts to move upside by crossing the neckline, then it's a failure of the head and shoulders pattern. And targets are as followings levels 0.8906 - 0.8946 .
USDJPY Price is Trapped at ResistanceAccording to this chart, USDJPY will take a U-Turn from the resistance line for the following targets: 104.14 - 103.98 - 103.86.
But if it breaks the resistance and stays above it, USDJPY may start moving upward for the following levels: 104.70 - 104.56.
Will EUR/AUD Fly to Complete the Butterfly Pattern?EUR/AUD is trying to make the butterfly pattern on the 15m timeframe. And the trend seems positive here. On this chart, it has started to rise by following the support from 21st January 2021. Right now, it's trying to reach the hurdle( 1.5812 ).
It has to cross the hurdle and reach 1.5825 level, to complete the butterfly pattern. So the targets are as following 1.5804 - 1.5812 - 1.5825 - 1.5830 - 1.5970 .
But what if it starts to fall?
If the trend starts to fall and the butterfly pattern fails with the fall, then the targets are 1.5760 - 1.5765 . And if this breaks the support, then it will hit 1.5740 - 1.5715 .
Note: It's a bearish butterfly pattern. After the butterfly pattern, the trend will fall for a short period.
USD/CHF is Trying to Move UpsideHere's the 4H chart of the USD/CHF. Right now, it's moving sideways under the hurdle ( 0.8918 ). If the trend moves upside and crosses the dynamic resistance and hurdle trendline, then the hurdle will react as the support. And targets for the uptrend will be the following 0.8960 - 0.9000 .
But if it falls and breaks the key level, then the target will be 0.8796 - 0.8760 .
Technically the RSI is below its neutrality area at 50. But it's trying to cross this upwards. According to Stoch RSI, the trend is trying to move upwards.
BTC/USD is DwindlingRight now, BTC/USD is falling by breaking the support trendline. I have applied the DMI, and according to this, it's falling. The ADX is less than 25, and -DI is above +DI, which indicates the downtrend. RSI also indicates a fall. The target for the fall will be as following 3224 - 3145 - 3050 .
But if it starts to rise by crossing the support trendline, then the targets will be 3468 - 3500 .
NZD/USD : The Next Step with the Bearish EWTNZD/USD has made the bearish Elliott wave on the hourly time frame. The formation of the Elliott wave is complete. Here we can see 5+3=8 wave Theory so cleanly. 1 to 5 waves and then ABC correction.
It's a bearish Elliott wave pattern, and after the C, now the tren will fall up to 0.7120 - 0.7110 - 0.7085 .
But what if it starts to rise?
If the trend starts to rise by crossing the resistance, then it may hit 0.7165 - 0.7185 .
Will EUR/AUD Takes a U-turn ?Here's the 15m chart of the EUR/AUD. Currently, It's falling. And trying to hit the hurdle ( 1.5674 ). If the consecutive candles break 1.5674 , then there will be a fall. The targets for the fall will be 1.5670 - 1.5650 .
But there is a high possibility of a reversal in the trend. The trend may take a reversal from between 1.5684 - 1.5670 . If it takes a U-turn, then a target for the uptrend will be as following 1.5697 - 1.5700 - 1.5710 .
Is AUD/USD in a Short Time Fall?Here's the AUD/USD 15m chart. It started to rise from the 19th of March,2020. The actual trend is positive. Right now, it's trying to hit 0.7732 , and for that, it has to cross 0.7728 . If AUD/USD keeps moving upward, then a target for the uptrend will be 0.7740 - 0.7749 .
But there is an absolute possibility of the reversal from 0.7732 (nearby level). And if there is a reversal or a fall, then a target for the short time downtrend is as following 0.7705 - 0.7690 - 0.7680 .
GBP/USD Taking The Next Step to Complete EWTThe GBP/USD made the Elliott wave on a daily chart.
And ABC correction is remaining. The trend will cross 1.3470 - 1.3320 - 1.3420 - 1.3195 to make the A of the ABC correction. Then it will rise for a short period to make B and fall again to make C.
NZD/USD EWT on the Hourly and 15m TimeframeNZD/USD made the bullish Elliott wave pattern. I have shown this on both the time frame hourly (Left) and 15m (Right). It started on the 21st of December 2020, and the 5th wave is remaining. It has to cross 0.7226 - 0.7236 -0.7260 , to make the fifth wave.
USD/CHF in a Bearish Reversal - Elliott Wave AnalysisHere's the USD/CHF daily chart, and it has started the bearish Elliott wave pattern. It may hit the 0.8731 (to complete the 3rd wave), and then the trend will fly to hit the 4th wave. It will hit 0.8900 - 0.9000 to complete the 4th wave.
Will NZD/USD Break the HurdleHere's the 1H chart of the NZD/USD. And it's moving downwards. Here, I have applied the indicators - Volume, Stoch RSI, and RSI.
RSI and Stoch RSI both are showing a downtrend. It's falling in the uptrend. It will fall up to support. If the trend breaks the support, it will hit the hurdle( 0.7136 ). If it breaks the hurdle( 0.7136 ), then the target will be the following 0.7116 - 0.7088 .
But, if NZD/USD takes a U-turn and starts to move upwards, it will hit 0.7216 .
EUR/GBP: Triangle PatternHere's the daily chart of EUR/GBP. In the triangle, the trend is in the making process of the fifth wave. It has to cross to complete the fifth wave. And the trend has to cross 0.8953 - 0.8930 to complete the 5th wave of the triangle.
AUD/USD is Going To Hit The Support Soon.If you see AUD/USD on the daily timeframe, it's an uptrend. Here is the 15m chart of the AUD/USD, and it's moving upside with the fluctuations in the trend. It will fall to the following levels 0.7640 - 07630 - 0.7625 , and then it will take a reversal from the support. And after that, it will rise to the support level, and the targets are following 0.7635 - 0.7650 - 0.7670 - 0.7679 .
But if AUD/USD does not take reversal from the support and starts to fall by breaking the support( 0.7627 ), then the trend will hit the following levels 0.7610 - 0.7600 - 0.7580 .
