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EUR/USD Finally Finds Some Support, But Can it Build a Bounce?EUR/USD Talking Points The strength from Q3 has been mostly erased so far in Q4, with a fast sell-off developing in EUR/USD. In late-September the pair continued to grind away at the 1.1200 handle but not even a month later the pair has dropped by more than four big figures. Support showed up at the 1.0761 level looked at on Tuesday. The big question now is whether that can lead to some profit taking from sellers, which could build a bounce and that can remain of interest for bears looking for lower-highs. EUR/USD has now traded lower for 15 of the past 20 days. An amazing trend by any stretch but perhaps even more so when compared to the strength that showed in the pair during the first two months of Q3. While that prior bullish trend put in a month of grind at the 1.1200 level, eventually failing, the bear move that’s come in response has been fast and heavy. There’s been only a minimum of pullback so far and any excuse for sellers to continue pushing has so far contributed to continuation. Last Friday brought a bit of bounce. That went along with a pullback in the USD from the 200-day moving average. But support soon showed at a key zone in DXY and bulls were off to the races (and bears in EUR/USD) after this week’s open. In EUR/USD, that resistance earlier in the week played-in right off the underside of the 200-day moving average. At this point the challenge is chasing an oversold trend as RSI on the daily remains in oversold territory on EUR/USD. There has been a bounce showing thus far at Tuesday's level looked around 1.0761. That price is the 38.2% Fibonacci retracement of last year’s sell-off, and its confluent with a trendline originating from last year’s low. EUR/USD Longer-Term Just as I was saying in September when strength was all the range, EUR/USD remains in a range that’s been in-play since last year’s open. There have certainly been some clean shorter-term trends in the confines of that ranging backdrop, and we’ve made a fast move towards the support side of that range but if we do see sellers continuing to push, those values could soon come into play. The current 2024 low plots around the 1.0611 Fibonacci level, which is the 38.2% retracement of the 2021-2022 major move. On the below weekly chart, I’ve linked that level to the shorter-term Fibonacci level at 1.0643 to create the next support zone, down. Below that, it’s the 1.0500 level that put up considerable fight for about a month before leading to a turn a year ago. --- written by James Stanley, Senior Strategist
Short
by WHSelfInvest
Platinum LongLooking to go long on Platinum/XPTUSD. The metal market is now declining on some profit taking as all have done extremely well in the last month in percentage gain. With fundamentals aligning cross the metal markets, pre election period, inflation dropping etc. Metals are still bullish, until the narrative has changed officially. This would most likely change if gold breaks below 2700. While I would normally buy platinum on the 38% fib with the key level present, due to most of the precious metals declining I am avoiding this zone and going for the stronger one. Confluences for the trade: - Intra Key level - Trendline Break Retest - 50% Fibo - Palladium Alignment at 50% fibo and Intra Key Level Entry- 994.72 Stop Loss- 65 pips or $6.50 Take Profit- 1014.86 RR of 3.1 Trade safe and risk managed as always no matter what ya'll are trading, catch you later traders ▲
ICMARKETS:XPTUSDLong
by FalkenFx
EURGBP → Attempting to break through the resistance.FX:EURGBP is breaking wedge resistance and consolidation resistance after prolonged consolidation. The reason is the change of the local euro rate. If the bulls are able to keep the defense above 0.8346, then in perspective the currency pair will be able to move into the realization phase, which will allow the price to reach 0.838 - 0.842. The fundamental background for both countries is similar. The general course of interest rates reduction and dependence on the growing dollar. But the local sentiment allows pointing to a more positive mood among those willing to buy EUR. Resistance levels: 0.8346, 0.8384, 0.842 Support levels: 0.8316 The price is in the risk zone, where there is a struggle between the participants. The focus is on the buyer. If he can consolidate his positions above the previously broken wedge resistance, then above the consolidation resistance at 0.8346, it will be the beginning of realization. Regards R. Linda!
Long
by RLinda
5
ZILUSDT: Massive Breakout Ahead or Bullish Trap? Yello Paradisers! Is ZILUSDT about to break out, or should we prepare for a retracement? 🚨 Let's dive into the latest technical setup that could potentially set the stage for a big move. 💎ZILUSDT has approached its resistance trendline, showing a bullish CHoCH (Change of Character) while forming an inverse head-and-shoulders pattern with a bullish divergence. These signals combined significantly increase the probability of a bullish continuation. 💎If ZILUSDT breaks out and closes candle above the resistance zone, this will validate the inverse head-and-shoulders pattern and confirm a higher probability of a bullish move. 💎On the flip side, in case of a retracement, we can expect a bounce from the support zone. To strengthen the odds in our favor, we will need to see a bullish I-CHoCH on the lower timeframes before considering an entry. 💎However, if ZILUSDT breaks down and closes candle below the support zone, this will invalidate the bullish outlook entirely. In that scenario, it’s wiser to wait for better price action to form before making any further moves. 🎖As always, patience is key. Stay disciplined and stick to your strategy, and remember – we only act when the market confirms our setup. Keep it smart, Paradisers! MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise
10
Shorting from the traditional high on BTCI could argue that the stoploss be taken a little higher but I believe in cutting loosing trades early. The chart looks easily explainable even to a lay man; Since the basic in trading is "selling the roof and buying the floor". We are currently at a known high pricemark that we can see price has been rejecting over time and can say the recent bull rally to the tradinal high is the retest before a sell off to 49K region. PS: Not a financial advice
Short
by Thetradehousefx
GOLD → Bullish flat (consolidation). News aheadFX:XAUUSD corrects to 2713, confirming strong support. We talked to you about the risks yesterday. Bulls have been actively buying the metal since the start of the Asian session, hinting at strong support... Further gains in gold remain dependent on the upcoming PMI and jobless claims data. Traders are awaiting information on the state of the global economy, which will influence the short- to medium-term strategy against the dollar and gold... Market nervousness ahead of key reports in the US and the presidential election will also play a role. Any potential decline in the gold price is likely to be contained for several reasons: the BRICS summit, the US elections, the ongoing Middle East conflict. In this case, gold acts as a safe haven. Resistance levels: 2748, 2758, 2775 Support levels: 2729, 2713 ATH may be tested in the near future. Further news and high volatility, high risks may provoke profit-taking, which may bring gold back to support. And after correction the growth may resume due to strong enough interest from buyers.... Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
6
SILVER (XAGUSD): Your Trading Plan For TodaySilver is currently in a strong uptrend, with the price recently reaching a new high before retracing to a key support level. To potentially short the pair with confirmation, keep an eye out for a head and shoulders pattern on the 4-hour timeframe. A breakout below the neckline, confirmed by a 4-hour candle closing below 33.40, would indicate strong selling pressure. This could lead to a bearish reversal towards the 32.47 level, based on a rising trend line and horizontal structure. It's important to note that the neckline currently represents a strong demand area, so it's advisable to only consider shorting after a confirmed breakout.
TVC:SILVERShort
by linofx1
Nat Gas: Heating Up into the WinterBrief Overview on Natural Gas Natural Gas is a commodity generally traded on the premise of weather forecasts indicating cooler or warmer seasons. This allows traders to speculate on demand for the product as it generally trades higher with cooler temperatures. Today we are looking at the weekly chart. Thesis: Technical Analysis Pointing to a Bounce This analysis is mainly focused on the lasting demand zone that Natural Gas time and time again respects and typically bounces from. The weekly chart points to the likelihood that the R/R is favorable for a long position at these levels in the 2.20's. Not only do we see NG tap back into this heavy demand zone, but we also can see a Cup & Handle on the weekly chart signaling potential greater upside. Demand Zone offers strong R/R as it dips back in to these levels. Cup & Handle can represent even further upside, but will rely on the initial rebound to prompt the possibility of it playing out. There is also a trendline (not pictured) that is supporting the current bounce we are seeing today from the 2.18/2.19 level. It is important to note that the commodity has been seeing higher lows since the Spring. Lastly, a tap of fundamentals play into this idea as well. Though winter demand is always priced in, this year forecasts have repeatedly painted the picture that this winter will be historically mild. Due to these forecasts implying less seasonal demand for Nat Gas, a shift in the shorter-term and more accurate models as we approach the winter season will sharply move the price of Nat Gas and represents that the current price is truly pricing in a very mild winter. This basis supports the idea of great R/R on this LONG trade idea. Disclosure I am currently in a long position in Natural Gas after entering on the Friday (10/18) Close My position includes: AMEX:UNG Credit Spread 13/12P , AMEX:BOIL common shares If this thesis holds up, I would plan to roll my credit spread contracts into further expirys Thanks for reading! Not Financial Advice
NYMEX:NG1!Long
by ZachSap
Sell ​​gold again in the 2740-2750 areaBros, yesterday, gold retreated and once fell below 2710, laying a good foundation for the decline. Although gold has rebounded to around 2740 again, compared with the previous period, the attitude of gold rising is not firm, so relatively speaking, the current gold short position is more attractive. The current rebound of gold may be a trap set to trap more bulls, so I am definitely not willing to go long on gold at present; from the technical structure, gold has signs of building a head and shoulders top in the short term. So in terms of short-term trading, I prefer to short gold. So now we can short gold in batches again in the 2740-2750 area. Bros, are you optimistic about shorting gold?
OANDA:XAUUSDShort
by Trading-Hawkeye
1