USD/CAD BEARS ARE GAINING STRENGTH|SHORT
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USD/CAD is trending down which is clear from the red colour of the previous weekly candle. However, the price has locally surged into the overbought territory. Which can be told from its proximity to the BB upper band. Which presents a classical trend following opportunity for a short trade from the resistance line above towards the demand level of 1.366.
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NZD/USD SENDS CLEAR BULLISH SIGNALS|LONG
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Previous week’s red candle means that for us the NZD/USD pair is in the downtrend. And the current movement leg was also down but the support line will be hit soon and lower BB band proximity will signal an oversold condition so we will go for a counter-trend long trade with the target being at 0.609.
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SILVER BEARS WILL DOMINATE THE MARKET|SHORT
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It makes sense for us to go short on SILVER right now from the resistance line above with the target of 30.431 because of the confluence of the two strong factors which are the general downtrend on the previous 1W candle and the overbought situation on the lower TF determined by it’s proximity to the upper BB band.
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CAD/JPY LONG FROM SUPPORT
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The BB lower band is nearby so CAD-JPY is in the oversold territory. Thus, despite the downtrend on the 1W timeframe I think that we will see a bullish reaction from the support line below and a move up towards the target at around 117.504.
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EUR/USD BEARS ARE STRONG HERE|SHORT
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We are now examining the EUR/USD pair and we can see that the pair is going up locally while also being in a uptrend on the 1W TF. But there is also a powerful signal from the BB upper band being nearby, indicating that the pair is overbought so we can go short from the resistance line above and a target at 1.077 level.
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USD/JPY BEST PLACE TO BUY FROM|LONG
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We are going long on the USD/JPY with the target of 160.312 level, because the pair is oversold and will soon hit the support line below. We deduced the oversold condition from the price being near to the lower BB band. However, we should use low risk here because the 1W TF is red and gives us a counter-signal.
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CAD/CHF SENDS CLEAR BULLISH SIGNALS|LONG
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CAD/CHF is trending up which is obvious from the green colour of the previous weekly candle. However, the price has locally plunged into the oversold territory. Which can be told from its proximity to the BB lower band. Which presents a great trend following opportunity for a long trade from the support line below towards the supply level of 0.657.
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CHF/JPY BUYERS WILL DOMINATE THE MARKET|LONG
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CHF/JPY pair is trading in a local uptrend which know by looking at the previous 1W candle which is green. On the 9H timeframe the pair is going down. The pair is oversold because the price is close to the lower band of the BB indicator. So we are looking to buy the pair with the lower BB line acting as support. The next target is 178.486 area.
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NQ1! SENDS CLEAR BEARISH SIGNALS|SHORT
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We are going short on the NQ1! with the target of 19,448.50 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band. However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
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SILVER SENDS CLEAR BEARISH SIGNALS|SHORT
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SILVER pair is in the downtrend because previous week’s candle is red, while the price is clearly rising on the 17H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 29.733 because the pair is overbought due to its proximity to the upper BB band and a bearish correction is likely.
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BITCOIN BEARS ARE GAINING STRENGTH|SHORT
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BITCOIN pair is in the downtrend because previous week’s candle is red, while the price is evidently rising on the 9H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 54,158 because the pair is overbought due to its proximity to the upper BB band and a bearish correction is likely.
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GBP/JPY BEARS WILL DOMINATE THE MARKET|SHORT
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GBP-JPY uptrend evident from the last 1W green candle makes short trades more risky, but the current set-up targeting 197.605 area still presents a good opportunity for us to sell the pair because the resistance line is nearby and the BB upper band is close which indicates the overbought state of the GBP/JPY pair.
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USOIL BEST PLACE TO SELL FROM|SHORT
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We are now examining the USOIL pair and we can see that the pair is going up locally while also being in a uptrend on the 1W TF. But there is also a powerful signal from the BB upper band being nearby, indicating that the pair is overbought so we can go short from the resistance line above and a target at 81.86 level.
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GOLD Is Very Bullish! Long!
Please, check our technical outlook for GOLD.
Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 2,371.831.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 2,399.395 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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GBP/AUD BEARS ARE STRONG HERE|SHORT
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It makes sense for us to go short on GBP/AUD right now from the resistance line above with the target of 1.900 because of the confluence of the two strong factors which are the general downtrend on the previous 1W candle and the overbought situation on the lower TF determined by it’s proximity to the upper BB band.
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EUR/JPY BEARISH BIAS RIGHT NOW| SHORT
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We are now examining the EUR/JPY pair and we can see that the pair is going up locally while also being in a uptrend on the 1W TF. But there is also a powerful signal from the BB upper band being nearby, indicating that the pair is overbought so we can go short from the resistance line above and a target at 174.423 level.
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EUR/CHF BEARS ARE GAINING STRENGTH|SHORT
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EUR/CHF pair is trading in a local uptrend which we know by looking at the previous 1W candle which is green. On the 4H timeframe the pair is going up too. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 0.967 area.
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CAD/JPY BEARS ARE STRONG HERE|SHORT
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CAD-JPY uptrend evident from the last 1W green candle makes short trades more risky, but the current set-up targeting 115.486 area still presents a good opportunity for us to sell the pair because the resistance line is nearby and the BB upper band is close which indicates the overbought state of the CAD/JPY pair.
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EUR/NZD SELLERS WILL DOMINATE THE MARKET|SHORT
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We are going short on the EUR/NZD with the target of 1.768 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band.However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
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EUR/CAD BEARS ARE STRONG HERE|SHORT
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Previous week’s green candle means that for us the EUR/CAD pair is in the uptrend. And the current movement leg was also up but the resistance line will be hit soon and upper BB band proximity will signal an overbought condition so we will go for a counter-trend short trade with the target being at 1.473.
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USD/CAD BEARS WILL DOMINATE THE MARKET|SHORT
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USD/CAD pair is in the downtrend because previous week’s candle is red, while the price is clearly rising on the 4H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 1.360 because the pair is overbought due to its proximity to the upper BB band and a bearish correction is likely.
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GOLD BEST PLACE TO SELL FROM|SHORT
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The BB upper band is nearby so GOLD is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 2,331.380.
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EUR/USD BEARISH BIAS RIGHT NOW| SHORT
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The BB upper band is nearby so EUR-USD is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 1.073.
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