Weekly Forex Outlook Sun.Oct.20.2024 - Fri.Oct.25.2024Like and Comments would be appreciated :D Not Financial Advice, Just my outlook/opinion
Supply and Demand
USDJPY: Further Growth Ahead.We identified another breakout today: USDJPY has surpassed a key horizontal resistance level and closed above it.
This suggests the potential for ongoing bullish momentum. The next resistance level to keep an eye on is 154.90.
NZDUSD / H1 / SHORTNZDUSD may fall from the Bearish Order Block
Bearish Order Block: 0.60523 and 0.60416
NZDUSD is currently moving upwards and is approaching the Bearish Order Block. Once it touches this zone, we can expect a potential reversal to the downside. Let’s see how the price reacts upon reaching this level. I have applied the Smart Money Concepts (SMC) to analyze this chart.
Entry Price :- 0.60416
Take Profit :- 0.60187
Stop Loss :- 0.60645
SasanSeifi| Key Levels to Watch in the 4-Hour TimeframeHey there, ✌ In the 4-hour timeframe, as observed on the chart OANDA:XAUUSD , gold's price has seen a minor rise after reaching the $2,600 level and is currently trading around $2,657.
In the short-term outlook, one possible scenario is that after encountering the $2,668 supply zone, the price may enter a consolidation phase, with a slight pullback toward the $2,650 and $2,646 levels. If we receive the necessary confirmation signals at this stage, we could potentially see a price rebound and continuation of the upward trend. To maintain this upward momentum, holding the support levels between $2,646 and $2,640 is crucial.
In case of further correction, it’s essential to monitor the price’s reaction to these support zones. If the price finds support at these levels, a new upward move towards the mentioned targets could start. However, if these supports fail, there is a possibility of prolonged consolidation or even a further price decline.
On the other hand, if sufficient buying pressure emerges and the price manages to stabilize above $2,670 and $2,675, the chances of further growth towards targets like $2,700, $2,710, and $2,720 will increase.
This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊
BTCUSD - Next Target 68KThe next potential target for BTC/USD is around $68,000, a level that has significant technical and psychological importance for traders. This price point could act as a resistance level based on past market behavior, particularly the peaks seen during previous bull runs.
EURUSD Multi Timeframe Analysis 24.10.202415m Swing Bearish , Internal Bullish
After sweeping daily low, we might see a bullish reaction
Ideally wait for 15m swing to shift bullish, or follow internal bullish order flow
V shape bullish reaction indicates that bullish 15m internal push might continue
Price between 15m demand and supply now. See which will lead
XAU/USD 24 October 2024 Intraday AnalysisH4 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Driven by the Fed's dovish stance and escalating geopolitical tensions, gold, as a safe-haven asset, has continued its upward surge.
Price has printed a bearish Change of Character (CHoCH), signaling but not confirming the initiation of a bearish pullback phase.
Intraday Expectation: While there are no clear signs of a pullback yet, price is expected to react at either the 50% equilibrium (EQ) or H4 demand zone before targeting the weak internal high. I'll remain on standby for further developments.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bearish.
Yesterday's intraday expectation was not met, as price failed to target the weak internal high and instead printed a bearish Internal Break of Structure (iBOS). This aligns with the H4 timeframe being in a pullback phase.
As previously highlighted, price remains highly volatile, driven by ongoing geopolitical tensions and the Fed's softer stance.
Price has since printed a bullish Change of Character (CHoCH), suggesting but not confirming the initiation of a bullish pullback phase. Currently, price is trading within a well-established internal range.
Intraday Expectation: Price is reacting around the 50% equilibrium of the internal range and may also respond to nested H4 and M15 supply levels before targeting the weak internal low.
M15 Chart:
Buy XAUUSD at a low level.
Today, the New York market dealt a severe blow to bullish investors. Shortly before the opening, prices began to decline, reaching a low of 2708, with a drop of approximately 50 points. This downward movement was primarily driven by heightened bearish sentiment resulting from overbought conditions, as well as negative news and comments from the Federal Reserve Chair. These combined factors led to a rapid decline in gold prices over several hours.
Currently, bearish sentiment appears to be persisting. In the short term, we need to observe whether the market stabilizes in the 2700-2708 range. If stability is achieved, gold may rebound to the 2741 level, as the market has formed a double bottom support at the hourly level. Conversely, if the market fails to stabilize in the 2700-2708 range, the lower channel will open, potentially exacerbating the downward sentiment and increasing bearish pressure.
Latest Trading Thoughts: The New York market is expected to maintain a low-range consolidation with limited trading opportunities; hence, a cautious approach is advisable. Focus on movements in the Asian market and any bullish news stemming from geopolitical developments. If the New York market does not drop below the 2708 level before the close, the probability of a rebound in the Asian market exceeds 98%, making a bullish stance prudent.
Trading Plan:
Buy Zone: 2711-2708
Take Profit: 2725-2740
Stop Loss: 2700
For those unfamiliar with trading, please stay updated on real-time trading strategies.
CAPITALCOM:GOLD OANDA:XAUUSD
Update two XAUUSD buying scenariosScenario 1: The price had an acceptable drop and reached one of the most important support areas, from this area it can start and register a new ATH
Scenario 2: If the price fails to reach a new ATH or sweeps the ceiling and loses the order block under its feet, it has the potential for further correction. The maximum potential drop is up to $2,600. Because the structure of this time is bullish, be careful in buying shorts and consider a reasonable reward.
Important: If the price reaches any of the demand, you can take a long position by getting confirmation in the time frame of 15 minutes.
Ride the rune today!Rejection at past range POC but we are currently range bound and above the local POC.
Expecting to break through as RUNEBTC also shows a sign of confluence (simple resistance to support flip)
By toggling the log chart, a basic 5 wave structure is easily seen. Wave 3 is currently impending
Although this could turn into a standard correction, (ABC, etc.) we are still bound to reach the VAH of the past range. IT IS A HARD TAKE PROFIT 1!
It is too good to be true but this asset's wave 1 is a 1000% the possibility is never 0
Hard stop loss will be the low of the local range! (4.4)
Entry: 5.15
SL: 4.4
TP1: 6.7
Smart money concept i think the CHFJPY will go down considering the confirmation cheklist
1.the 1H AND 4H is trending down
2.the 15M is trending down also
3.the 5M countertrend
5.liquidity and manipulation
XAUUSD - Today's Setup - 24/10Good morning traders,
This is my setup for the day. 2 zones I am waiting to see to take a trade from.
Gold starting to melt and started the pullback. Let's see how it goes.
Have a profitable day!
impulse --> correction --> impulsehere is another textbook setup, price already broke out of the wedge, it's now correcting to fill the fair value gap, that's where we'll be pulling the trigger to long this pair.
Xauusd Hi traders; we have an Engulf below of chart. It's sign of market direction. Market will be bearish
NQ Power Range Report with FIB Ext - 10/24/2024 SessionCME_MINI:NQZ2024
- PR High: 20298.50
- PR Low: 20275.75
- NZ Spread: 50.75
Key scheduled economic events
08:30 | Initial Jobless Claims
09:45 | S&P Global US Manufacturing PMI
- S&P Global Services PMI
10:00 | New Home Sales
Drop of week low into daily Keltner average cloud.
- Auctioning near 50% of previous session range.
- Strong inventory range, ~20080 to ~20200.
Session Open Stats (As of 12:55 AM 10/24)
- Weekend Gap: N/A
- Session Gap 7/24: -0.32% (open > 19946)
- Gap 10/30/23 +0.47% (open < 14272)
- Session Open ATR: 291.00
- Volume: 23K
- Open Int: 245K
- Trend Grade: Bull
- From BA ATH: -4.1% (Rounded)
Key Levels (Rounded - Think of these as ranges)
- Long: 20954
- Mid: 19814
- Short: 17533
Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions.
BA: Back Adjusted
BuZ/BeZ: Bull Zone / Bear Zone
NZ: Neutral Zone
USDJPY: More Growth is ComingHere is one more breakout that I spotted today:
USDJPY broke through an important horizontal resistance level and closed above it.
This is indicating the possibility of continued bullish movement.
The next resistance level to watch for is at 154.90.
swing trade Around $2,672-$2,675 appears to be a crucial resistance area, which could pose challenges for gold bulls. If this level breaks, there is potential for a further rise towards
Immediate support is located near $2,645-$2,650, with a stronger floor around $2,625. If gold dips below these levels, a drop toward $2,600 and even $2,580 could be on the cards
Cardano Updatethe price took the weekly high first and after that, it took the daily high as well and broke the daily towards the downside. Still, it failed to sweep the external weekly liquidity so I'm expecting the price to do that so I set a limit order at the extreme zone and targeted a 1:2 RR and stop loss above the recent high to see if we tap into the trade or not. either way, it is a pretty good position if it works out
US30 Buy After Corrective WaveThe Dow was bearish for the most part of last week, this week promises to be bullish with strong signs of recovery, chacterized by a change of character on the 3H.
US30 Buy After Corrective WaveThe Dow was bearish for the most part of last week, this week promises to be bullish with strong signs of recovery, chacterized by a change of character on the 3H.
EURAUDEURAUD,the structure on monthly is bearish, but we will look into daily and intraday structure to find trade opportunity,
EURAUD is a buy and on demand floor on monthly
update on SAGAso as you can see guys we came to a higher time frame 4h demand after our previous demand got disrespected and to be honest this is looking good for three reasons:
1- we are currently bullish on the order flow.
2- price swept the liquidity to the demand.
3- the price has a reason to go up and take out all those trend-line liquidities
I will keep you updated guys as soon as I see a really good scenario so bear with me.
have a good day.
