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Harmonic Patterns

**Pound Slips Toward 1.2700 on Weak Fundamentals**GBP/USD Under Mounting Pressure: Reversal Patterns, Dollar Strength, and the Trump Effect The GBP/USD pair is showing clear signs of reversal, struggling to sustain momentum near recent resistance levels and failing to breach the liquidity zone, signaling a strong bearish outlook. The fundamental backdrop for the pound has shifted into negative territory, creating ideal conditions for a continued downtrend in this currency pair. Across financial markets, the U.S. dollar is surging, boosted by an array of macroeconomic and political forces. Market participants have taken note of the renewed strength of the dollar, especially amid growing confidence in a Trump electoral victory. Trump’s policies have consistently favored a strong dollar through economic and fiscal strategies, reinforcing demand for the currency. As a result, investors are starting to price in the likelihood of a reinforced dollar, with potential ripples across various asset classes, especially forex. Turning specifically to GBP/USD, there are several critical technical levels in play that could guide the pair’s trajectory in the near to medium term. In recent analyses, attention has been focused on key points at 1.2813 and 1.3050. These levels represent crucial thresholds: any sustained retest of support after a pullback to resistance could signal an increased probability of a breakdown. A successful retest of support, should it occur, could pave the way for further declines, with the technical and fundamental contexts aligning toward a bearish outlook. The current economic environment, therefore, remains unfavorable for the pound, particularly given that the dollar’s strength is being reinforced by shifting geopolitical and economic conditions. As the fundamental scenario develops, the path of least resistance for GBP/USD appears to be downward, with sentiment increasingly favoring a lower trajectory for the currency pair. Key Levels to Watch: Resistance Levels: 1.2940, 1.3000, and 1.3044 Support Levels: 1.2813, 1.2672, and 1.2500 A close look at the technical setup reveals that GBP/USD has re-entered a range bound by these resistance and support levels. At present, both the technical and fundamental backdrops are aligned for a continued move to the downside. The 1.2813 support level, in particular, represents a critical juncture. If the pair dips below this level, the likelihood of a deeper breakdown grows significantly, potentially opening the path toward the next support at 1.2672 and, in more pronounced bearish scenarios, toward 1.2500. Investors should be prepared for some pullbacks along the way, as volatility may trigger minor upward corrections. However, any such movements are likely to be short-lived unless there is a meaningful shift in the fundamental landscape. The role of news and upcoming economic data releases cannot be overstated in this dynamic environment. Market participants should stay attuned to potential changes in both economic indicators and policy announcements. Ongoing developments surrounding U.S. fiscal and monetary policy, particularly in light of Trump’s political momentum, will play a crucial role in defining the strength and stability of the dollar and, by extension, the weakness of GBP/USD. In summary, with both technical indicators and fundamental factors favoring the dollar, the GBP/USD pair seems poised for further losses. Careful monitoring of key support levels and geopolitical news will be essential as we await potential new lows in this currency pair.
Short
by lonelyPlayer0
GBPJPY BEARISH FOR 140PIPSEntry Point: Look for an entry around a resistance level on a 4H or daily chart. A retest of broken support could also be an ideal entry area. Stop Loss and Take Profit: Position a stop loss just above a recent swing high to minimize risk, with a profit target aligned to key support zones that give the potential for a 1,140-pip move. Trailing Stop: Since this target is large, using a trailing stop can lock in profits while allowing the trade to capitalize on prolonged trends.
Short
by LORDOFTHETRADERS
USDJPY BUY | Idea Trading AnalysisUSDJPY is moving UP. The chart broke through the dynamic resistance, which now acts as support. We expect a decline in the channel after testing the current level. Hello Traders, here is the full analysis. I think we can soon see more fall from this range! GOOD LUCK! Great BUY opportunity USDJPY I still did my best and this is the most likely count for me at the moment. ------------------- Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad
Long
by TheGrove
9
Google Cloud Alliance & Mainnet MilestonesNASDAQ:OM primed for a wild breakout! 🚨 👉 Google Cloud Partnership? Locked in. The tech giant is now NASDAQ:OM ’s validator, handling infrastructure with some serious muscle 👉 Mainnet Live & Dev Tools Ready: Faucet + testnet in Google’s Web3 Portal, meaning more devs, more projects, more hype. 👉 Biggest Backing in RWAs: With BTC climbing, NASDAQ:OM could be the next to pop. Get in or get left — NASDAQ:OM 's gearing up to hit those ATHs again! #MANTRA
Long
by marcoxjohn24
Cryptocurrency ADAUSD CARDANO: Next to break out. I bought into this one recently but it was weighing heavily since the purchase in terms of price not quite breaking-out enough, but that all changed today as Cardano moves out of its squeeze and into climbing and rallying mode. Earlier in 2024 it entered a Supply-downtrend but in recent months buying entered into Cardano and the charts stated to expand with some volatility to upside prices. A breakout "jump" is what ADAUSD set-out to do in 2024 and with supply switching mostly over to demand and with Bitcoin now very close to 71,000, that time is near.
EIGHTCAP:ADAUSDLong
by Easy_Explosive_Trading
NAS100USD / UNDER DOWNWARD PRESSURE / 4HNAS100USD / 4H TIME FRAME HELLO TRADERS Market Movement Post-Election: The analyst mentions that after Trump’s victory, NAS100USD rose by 610 pips (a pip here likely refers to a unit of price change in the index, even though “pips” are more common in forex markets). This initial increase reflects market optimism or a reactionary move post-election. Current Supply Zone: The NAS100USD is currently trading in a “supply zone” between 20,662 and 20,788. A supply zone in trading refers to a price range where there’s likely to be selling pressure. The price is near its all-time high (ATH) around 20,788, which could mean resistance. Potential Scenarios Based on Price Action: If a 4-hour candle opens and stays below the ATH level of 20,788, the analyst expects a decline in the price. This might reach a fair value gap (FVG) between 20,482 and 20,335. An FVG often suggests an area where the price could correct or balance out. If prices move lower, they could reach a demand zone between 20,088 and 19,961. A demand zone is a price range where buying interest could push the price back up. Scenario for an Upward Move: Conversely, if a 4-hour candle closes above the ATH level, it suggests a potential continuation of the uptrend. The price might then aim for a new historical range between 20,972 and 21,125.
OANDA:NAS100USDLong
by ArinaKarayi
1
Bearish drop?DAX40 (DE40) has reacted off the pivot and could drop to the 1st support. Pivot: 19,127.24 1st Support: 18,954.73 1st Resistance: 19,280.04 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
DShort
by ICmarkets
1
Bearish drop?The Gold (XAU/USD) is rising towards the pivot which acts as an overlap resistance and could reverse from this level to the 1st support which has been identified as a pullback support. Pivot: 2,671.48 1st Support: 2,641.00 1st Resistance: 2,709.12 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XAUUSDShort
by ICmarkets
XAU/USD (Gold/USD) chart on a 144-minute timeframe1. Wave Analysis and Elliott Wave Structure The chart follows an Elliott Wave structure, identifying five distinct waves of a downtrend (Wave 1 to Wave 5) followed by a corrective pattern. Notable Wave Points: Wave 5 is projected to potentially end near the 1.618 Fibonacci extension level around 2,843.46, which often marks a strong potential reversal point. Corrective Waves (i-iv): Following the primary downtrend, the upward movement seems to be structured in corrective waves (i, ii, iii, iv), suggesting a possible ABC or zigzag correction in progress. 2. Fibonacci Levels 1.618 Extension at 2,843.46: This level acts as a key Fibonacci extension for a potential diagonal Wave 5 completion, which could serve as a resistance level for price to react or reverse. 1.236 Extension at 2,803.48: This level has been marked with a "Volume Divergence by Wave 5" note, indicating that this might be a significant area of confluence where volume divergence could lead to a price reaction or reversal. 3. Wyckoff Phases and Price Levels Automatic Reaction (AR) and Secondary Test (ST): The chart labels an AR and ST in a possible Wyckoff Phase B, which usually indicates accumulation. This phase is characterized by testing support and resistance levels as the market builds a base. Sign of Weakness (SOW) in Phase B: This is marked below, indicating a loss of momentum in the downward trend and possibly setting the stage for a reversal. Upthrust (UT) in Phase B: An upthrust is noted, which could act as a false breakout above resistance levels, signaling potential distribution if price fails to hold above it. 4. Volume and Divergence Volume Divergence: Marked by Wave 5, this signals that while price may still be moving down, volume may not be supporting it as strongly, suggesting waning bearish momentum and potential for a reversal or a consolidation phase. 5. Key Support and Resistance Levels Resistance Levels: Around 2,790: This level is marked prominently as a psychological level where price might struggle to break above. Recent Swing High (2,800 - 2,810): Located near the top boundary of the corrective range and could act as resistance for upward price movement. Support Levels: 2,674.19 (0.272 Fibonacci retracement): This level acts as a potential support in the context of the current downtrend. SOW in Phase B (Zone around 2,670 - 2,675): This area might act as strong support, especially if the SOW represents the lower boundary of an accumulation phase. 6. Dealing Range and Structural Patterns The chart outlines a Dealing Range between recent swing highs and lows, suggesting a consolidation phase where price could oscillate before choosing a direction. Potential Diagonal Structure: The ongoing correction appears to be forming a potential diagonal or channel. The price is expected to follow a controlled upward move but may encounter resistance near the top boundaries of the channel. 7. Price Objectives and Probable Movements Upward Objective: Price might attempt to move towards 2,800 or higher, reaching a Phase B UT area as the corrective structure unfolds. Downward Objective: If price fails to break above the noted resistance levels and Phase B patterns, it may revisit the support zone around 2,675 - 2,680 or lower. 8. Strategic Points and Trading Considerations W Close (Wave Close): This label near the middle of the range could indicate the end of a wave and a potential consolidation or reversal area. Stop Loss Considerations: Noted as "Good Stop Loss Till STD Hit," suggesting an area where a standard stop loss could be placed, possibly below the recent lows or swing points for managing risk. No Money Protected Swing: A cautionary note near the support area suggests an awareness of risk in this region. Summary of Key Takeaways Price is currently in a corrective phase, possibly forming a complex wave structure after completing a primary downtrend. Key resistance levels around 2,790 - 2,800 and support levels near 2,670 - 2,675 are crucial to watch. The Wyckoff structure and volume divergence suggest a potential base-building phase, though a clear breakout of the range is needed to confirm the direction.
FX:XAUUSDLong
by spacedevil
1
Doland Tremp (DMT/USDT) Technical Analysis – November 2024Doland Tremp (DMT/USDT) Technical Analysis – November 2024 The chart shows that DMT has experienced a significant decline, currently trading at $0.1466 with a drop of -57.01%. The price has reached a critical support zone, suggesting potential for a rebound if sustained buying pressure emerges. Key Observations: Support Level: $0.1203, acting as a strong base for potential price recovery. Resistance Targets: First Target: $0.6223 Second Target: $0.8569 Third Target: $1.1707 Analysis Insight: If DMT can hold above the $0.1203 support and build momentum, it may initiate a recovery towards the first target at $0.6223. Progress beyond this could see further gains to $0.8569 and potentially $1.1707. However, caution is advised as failing to maintain support could result in additional downside pressure. Conclusion: Investors should monitor the support level closely for signs of reversal and potential upward movement, with attention to volume and market sentiment as indicators for sustained recovery. #DolandTremp #DMT #Crypto #TechnicalAnalysis #SupportAndResistance
by VIPROSE
1
Raydium (RAY) Analysis – November 2024Raydium (RAY) Analysis – November 2024 The chart highlights that RAY has experienced a significant upward movement, currently trading at $4.801 after a notable surge of +49.28%. This rise has propelled it above a key resistance zone near $3.5, which now acts as a support. Key Observations: Resistance and Potential Targets: The breakout above $3.5 suggests a bullish momentum. If this trend continues, RAY could reach higher targets around $6.5. Pattern Formation: The current trajectory appears to align with a "cup and handle" pattern, typically indicative of further bullish continuation. Next Moves: A successful consolidation above the current breakout level could pave the way for another leg up, while a fallback below $3.5 might signal the need for caution. Conclusion: RAY's recent momentum positions it for potential further gains, contingent on its ability to maintain above the breakout level and continue capitalizing on bullish market conditions. #Raydium #RAY #Crypto #TechnicalAnalysis #PriceTargets
Long
by VIPROSE
BTCUSD Defying a further pullback. Too bullish at Mid 75k Bitcoin BTCUSD took a normal day of retracement in earlier trading (Asian & Europe Session), but it's recently made a move upwards, which prompted me to check the intraday charts and it looks like the climb will continue today. Mainly on momentum the past couple of days and of course there is that break of the March high, which reminds the pullback earlier today was probably to test this break of a previous high by new price.
EIGHTCAP:BTCUSDLong
by Easy_Explosive_Trading
EURJPY BUY | Idea Trading AnalysisEURJPY is moving in an UP trend channel. The chart broke through the dynamic Resistance line.. We expect a decline in the channel after testing the current level which suggests that the price will continue to rise Hello Traders, here is the full analysis. I think we can soon see more fall from this range! GOOD LUCK! Great BUY opportunity EURJPY I still did my best and this is the most likely count for me at the moment. ------------------- Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad
Long
by TheGrove
1
Heading into overlap resistance?The Silver (XAG/USD) is rising towards the pivot which is an overlap resistance and could reverse to the pullback support. Pivot: 31.56 1st Support: 30.36 1st Resistance: 32.35 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XAGUSDShort
by ICmarkets
Expectations of a Fed rate cut boosted the reboundMarket Analysis: Today, gold prices have fallen below the 2700 mark following a surge in the U.S. dollar after Donald Trump’s surprising political comeback as President. The primary driver behind this pullback is the market’s expectation that Trump, known for his pro-capitalist stance, will prioritize U.S. economic growth. This outlook has strengthened the dollar, resulting in downward pressure on gold. Currently, it appears the market has largely priced in the bearish impact of Trump’s election, limiting gold's potential for further decline. Additionally, the Federal Reserve’s two-day policy meeting, concluding on Thursday, is expected to result in a 25-basis-point rate cut, which would likely provide upward momentum for gold. Trading Strategy: Given the current low levels, going long on gold presents a strategic opportunity. With the anticipated Fed rate cut, we can expect a positive impact on gold prices, fueling a rebound. Recommendation: Based on this analysis, the general trading direction should be clear. For specific entry points and comprehensive weekly strategies, please reach out. All VIP members will receive exclusive access to this week’s detailed trading plan.
OANDA:XAUUSDLong
by Falcon-Training-Camp