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Parallel Channel

GBPUSD | Perspective for the new week | Follow-upThe British Pound (GBP) has been on a rough ride lately, closing out its fifth consecutive week in the red. But a late-week rally brought some hope, pulling the GBP/USD back from its lowest point in five months. Now, all eyes are on the upcoming week, which is packed with key economic data and a crucial Fed decision. In this video, we'll analyze the GBP/USD currency pair, examining the potential for a bullish rebound in light of the upcoming economic releases and the Fed's likely rate cut. With the Federal Reserve's September meeting on the horizon, investors are keenly focused on the potential for a rate cut. Current rate markets have priced in the beginning of a rate cut cycle, with the Federal Open Market Committee (FOMC) expected to meet on September 18. Although the probability of a 50 basis point cut was previously high, expectations have adjusted slightly. According to the CME’s FedWatch Tool, there is now a 53.5% chance of a 50 bps cut in September, with further cuts anticipated later in 2024. Next week’s economic calendar is packed with key data. On Tuesday and Wednesday, we’ll receive the US Producer Price Index (PPI) and Consumer Price Index (CPI) inflation reports, which could provide crucial insights into market direction. Additionally, US Retail Sales and updates from the University of Michigan’s Consumer Sentiment Survey will offer more context for economic trends. Given these developments, the big question is: will the British Pound be able to maintain its bullish momentum as we head into the new week? Join us as we dive into the charts, analyze the current market conditions, and discuss potential trading opportunities. GBPUSD Technical Analysis: Will the pound maintain buying pressure above $1.27500 and the ascending trendline next week? Watch this video for key trades this week. Join the discussion for updates on GBP/USD trading. Stay tuned for more content. Happy trading! Disclaimer Notice: Trading in the foreign exchange market and other instruments carries high risk and may not be suitable for all investors. The content provided here is for educational purposes only. Evaluate your financial situation and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.
by darcsherry
GOLD → Pullback from 2477. What's next? News ahead... FX:XAUUSD strengthens to an interim high and hits strong resistance at 2477.5. Gold is not ready to break the boundary yet and is forming a pullback ahead of the news - PPI to be released at 12:30 GMT. Fundamentally, traders are still watching the situation in the Middle East as there are rumors of different nature every day. If the conflict escalates, it will only increase the interest in the metal. Also, traders are waiting for PPI (one of the key inflation reports) as well as CPI (to be published on Wednesday) to determine if the US Federal Reserve is preparing a significant interest rate hike after the weak employment report. Technically, 2477 and 2458 are worth watching. If price starts to return to resistance and consolidate near the level, then a breakout is worth waiting for. But a break of support at 2458 will send the price down to the zone of interest before a possible rise. Resistance levels: 2477, 2483 Support levels: 2458, 2450, 2439 Key focus on news and market fundamentals that could set a medium-term tone for the dollar and gold. But, technically gold is strongly bullish... Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDShort
by RLinda
14
ETHEREUM → A train can become a rocket. Key zone 2700 - 2800 ↑The market is buying back BINANCE:ETHUSDT after a big fall due to fear. Bulls kept the price below 2000 and now they are trying to keep it above 2500. The overall bullish backdrop is still in place..... A very promising technical situation is forming on W1. If the price returns to the global sideways range, we will have good prerequisites for a rise to 4000 - 4800. Fundamentally, everything is the same, the general background is bullish. The liquidation (strong downward movement) and the subsequent active buyback indicates that the market is free of unnecessary traders and the train can now move in the right direction, it remains to get to the key station before departure. The key stations are the 2717 - 2817 area. If the bulls can overcome this resistance and consolidate above, thus forming a strong support area and an intermediate bottom, then the market will have an important and promising liquidity target above 4000. Support levels: 2518, 2425, 2400 Resistance levels: 2717, 2817 The whales continue to buy the asset after a strong fall, despite the fact that the chart looks bearish, there are key prerequisites indicating that the big players are still bullish. The focus is on the key resistance at 2717. After Friday's test and pullback, the price is back to the level, which increases the chances of a breakout. Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:ETHUSD ;) Regards R. Linda!
Long
by RLinda
8
INJ - To new High after breakout#INJ/USDT #Analysis Description --------------------------------------------------------------- + INJ Price has hit the horizontal support while trading inside the channel. + I'm seeing a strong reversal from the horizontal support. This reversal could push the price higher and breakout from the channel. + You can enter the trade now for high risk or wait for the breakout. --------------------------------------------------------------- VectorAlgo Trade Details ------------------------------ Entry Price: 19.29 Stop Loss: 13.05 ------------------------------ Target 1: 22.60 Target 2: 27.22 Target 3: 34.52 Target 4: 44.58 Target 5: 62.33 ------------------------------ Timeframe:1W Capital Risk: 1-2% of trading amount Leverage: 5-10x --------------------------------------------------------------- Enhance, Trade, Grow --------------------------------------------------------------- Feel free to share your thoughts and insights. Don't forget to like and follow us for more trading ideas and discussions. Best Regards, VectorAlgo
Long
by VectorAlgo
XRP - Trading Inside the channel - Pending BreakoutBINANCE:XRPUSDT (1W CHART) Technical Analysis Update XRP is currently trading at $0.57 and price is trading inside in the channel. Price got successfully bounced back from the support line and now trading near the resistance line, A clear breakout will confirm the bullish trend of the XRP. We can enter the long trade after the confirmed breakout. Entry level: $ 0.7040 (Candle close above the channel Stop Loss Level: $ 0.4158 TakeProfit 1: $ 0.8563 TakeProfit 2: $ 0.9925 TakeProfit 3: $ 1.1653 TakeProfit 4: $ 1.4356 TakeProfit 5: $1.8800 Max Leverage: 2x Position Size: 1% of capital Remember to set your stop loss. Follow our TradingView account for more technical analysis updates. | Like, share, and comment your thoughts. Cheers GreenCrypto
Long
by GreenCryptoTrades
EURUSD Analysis==>>Signs of a FallEURUSD is moving near the Resistance zone($1.0955-$1.0933) . According to Elliott's wave theory , EURUSD seems to be completing the Double Three Correction(WXY) . Also, the Ascending Broadening Wedge Pattern can be a sign of EURUSD reversal. I expect EURUSD to continue to decline, at least in the Support zone($1.0884-$1.0864) . This week, the US economic calendar will be very busy releasing inflation Indices that will likely influence the Federal Reserve's monetary policy . We must wait for the prices to react when the indices are published. Euro/U.S.Dollar Analyze ( EURUSD), 1-hour Time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
1
Bitcoin can drop to support level, exiting from pennantHello traders, I want share with you my opinion about Bitcoin. By observing the chart, we can see that the price some days ago rose in an upward channel, where it reached the support level, which coincided with the buyer zone and soon broke this level. Then BTC made a retest and at once rebounded up until to resistance line of the channel, which coincided with the resistance level with the seller zone. After this movement, the price made a little correction, after which broke the 65600 level, and some time traded near, and even made a fake breakout. Next, the price rose to 70000 points and started to decline inside the downward pennant, where it soon broke the resistance level, thereby exiting from the upward channel also. After this, BTC dropped until to support line of the pennant, breaking the 57100 level, but at once turned around and in a short time rose higher this level, breaking it one more time and reaching the resistance line of the pennant pattern. At the moment, the price trades near this line and I think Bitcoin can make movement up, thereby exiting from the pennant and then will fall to the 57100 support level, therefore I set my TP for this level. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8
6
GOLD → still bullishhello guys. 1. Price Action & Market Structure: The chart shows a recent bullish trend, where the price is forming higher highs and higher lows within a rising channel. A double bottom pattern is evident around the $2,380 - $2,385 level, indicating a strong support area that previously reversed the downward movement into the current uptrend. 2. Key Levels: Support Zone (QML): The lower yellow shaded area around $2,377 to $2,381 acts as significant support, where the double bottom pattern was formed. This suggests strong buying interest in this zone. Upper Resistance: The price is currently approaching the upper boundary of the ascending channel, with the next major resistance around $2,450.72. This is the level to watch for a potential breakout or reversal. 3. Bullish Channel: The price is trending within a well-defined upward channel, indicating a controlled bullish trend. As long as the price remains within this channel, the bullish bias holds. 4. RSI Divergence: The RSI shows a bearish divergence, where the price is making higher highs, but the RSI is making lower highs. This could indicate weakening bullish momentum and the potential for a short-term pullback or correction. 5. Potential Scenario: Bullish Continuation: If the price breaks above the resistance around $2,450.72, it could lead to further upward movement within the channel, targeting new highs. Bearish Reversal: Given the RSI divergence, there is a possibility of a pullback towards the mid or lower boundary of the channel. If the price fails to hold above the $2,430 level, it might test the support near the $2,410 - $2,415 area. Summary in Bullet Points Current Trend: Gold is in a short-term bullish trend within an ascending channel. Support: Key support around $2,377 - $2,385, marked by a double bottom. Resistance: Major resistance near $2,450.72, at the upper boundary of the channel. RSI Divergence: Bearish divergence on RSI suggests potential weakening momentum. Outlook: Bullish: A breakout above $2,450.72 could lead to new highs. Bearish: Watch for a potential pullback if the price respects the RSI divergence and fails to break the resistance. ___________________________ ✓✓✓ Always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
OANDA:XAUUSDLong
by melikatrader94
7
GOLD (XAUUSD): Detailed Technical OutlookGold is trading in an ascending parallel channel in hourly time frame, the pair is currently testing a horizontal resistance level after breaking out from it. There is a strong correlation between a horizontal support level and a falling trend line, indicating a potential bullish movement in the near future. The support cluster consists of a horizontal support range of 2,459 - 2,452 and a support line of a channel, creating a demand area. Traders should consider these structures for pullback or breakout trading strategies.
FX:XAUUSDLong
by linofx1
NZDCAD → Consolidation prepares the market for a trend change ↑FX:NZDCAD is breaking the current bearish trend and forming a bullish off-trend pattern. Focusing on the 0.82863 "trigger" resistance, bulls are targeting it to break this area... Accumulation is forming in relation to the mentioned zone, if the structure will remain, and buyers will continue active attacks towards the "trigger", then in the long term we can look for an entry point for a breakdown. The market is still restrained by MA-200 & MA-50, but the 200-day line is undergoing a third retest, which generally increases the chances of price consolidation above the key SMA. Globally we have a neutral trend, locally the market sentiment is starting to turn bullish. The structure will be broken if the price consolidates below 0.82239. Resistance levels: 0.82863, MA-200 Support levels: 0.82239, MA-50 Fundamentally, the situation in New Zealand is calming down and the market is starting to recover losses. Emphasis on the ascending triangle on H4, it is possible to build short-term and medium-term prospects in relation to this figure Rate, share your opinion and questions, let's discuss what's going on with ★ NZDCAD ;) Regards R. Linda!
Long
by RLinda
5
MATIC - 4H Chart Analysis - Trading Inside the channel#MATIC/USDT #Analysis Description --------------------------------------------------------------- + The price is currently trading within a channel and has successfully bounced back from the lower boundary. + A strong breakout from this channel could drive the price higher. + We can enter a long trade at the current price and place the stop-loss (SL) below the support zone. --------------------------------------------------------------- VectorAlgo Trade Details ------------------------------ Entry Price: 0.4240 Stop Loss: 0.3851 ------------------------------ Target 1: 0.4491 Target 2: 0.4783 Target 3: 0.5036 Target 4: 0.5604 ------------------------------ Timeframe: 2H Capital Risk: 1-2% of trading amount Leverage: 5-10x --------------------------------------------------------------- Enhance, Trade, Grow --------------------------------------------------------------- Feel free to share your thoughts and insights. Don't forget to like and follow us for more trading ideas and discussions. Best Regards, VectorAlgo
MLong
by VectorAlgo
RON - A reversal with a leading breakout is expected to push the#RON/USDT #Analysis Description --------------------------------------------------------------- + Price has hit the support zone around 1.5 price range. + A strong reversal can be expected from the support zone which gives a good opportunity for a long trade. + Enter a long trade only after the price reversal. --------------------------------------------------------------- VectorAlgo Trade Details ------------------------------ Entry Price: 1.6 Stop Loss: 1.14 ------------------------------ Target 1: 1.848 Target 2: 2.320 Target 3: 2.752 Target 4: 3.658 Target 5: 5.308 ------------------------------ Timeframe: 1W Capital Risk: 1-2% of trading amount Leverage: 5-10x --------------------------------------------------------------- Enhance, Trade, Grow --------------------------------------------------------------- Feel free to share your thoughts and insights. Don't forget to like and follow us for more trading ideas and discussions. Best Regards, VectorAlgo
Long
by VectorAlgo
ENA - A reversal is inevitable #ENA/USDT #Analysis Description --------------------------------------------------------------- + The price has formed a channel and is currently trading within it. + A clear breakout from the channel could trigger a bullish trend. + A minor correction is expected before the trend reverses. --------------------------------------------------------------- VectorAlgo Trade Details ------------------------------ Entry Price: 0.35 Stop Loss: 0.27 ------------------------------ Target 1: 0.39 Target 2: 0.44 Target 3: 0.51 ------------------------------ Timeframe: 4H Capital Risk: 1-2% of trading amount Leverage: 5-10x --------------------------------------------------------------- Enhance, Trade, Grow --------------------------------------------------------------- Feel free to share your thoughts and insights. Don't forget to like and follow us for more trading ideas and discussions. Best Regards, VectorAlgo
Long
by VectorAlgo
Euro can start to decline and exit from wedge patternHello traders, I want share with you my opinion about Euro. Observing the chart, we can see that the price a few moments ago entered to upward channel, where it at once reached the resistance line and then rebounded down to the support line of the channel. Then price rebounded up and in a short time rose to the support level, which coincided with the support area, making the first gap and soon breaking this level. Next, the price quickly rose to the resistance line of the channel, forming a second gap, after which reached the resistance level, which coincided with the seller zone and turned around. Euro exited from the upward channel and started to trades inside the wedge, where it at once declined to support line of this pattern. After this movement, the EUR turned around and made an upward impulse to the resistance line, breaking the 1.0935 resistance level, which coincided with the seller zone. But a not long time ago it turned around and fell back to the support line, where continues to trades near. In my mind, EUR can make small movement up, higher than the resistance level, and then drop, breaking this level and exiting from the wedge. For this case, I set my TP at 1.0840 points. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8