Looking at the currency pair EUR/USD, it is visible that the dollar is gaining strength over the euro. Price invalidated the uptrend line and retested the resistance level. With that said, we can expect to see the price being bearish for the next couple of weeks.
At the current state, one can see a double top pattern forming on the resistance level 1.42325. We can see a clear breakout and a re-test on the steep uptrend trend line, which gives us an idea of confluence taking place at the resistance level 1.42325.
We start the week looking for selling opportunities on GBPUSD.
The AUDCAD outlook, I can see that price has broken the downward trend line, I expect to see price re-testing horizontal support level 0.95931 which confluence with the trend line that acts as diagonal support level.
The outlook of XAUUSD on the Daily time frame shows us that price has respected the 1918.76 Support level which confluence with the upward trend line, now I expect to see price going bullish to 2014.36 as first TP and further to 2074.67 as second TP.
On the weekly time frame USDCNH had formed a double top pattern, on the completion of the double top pattern there was a confluence of horizontal and diagonal resistance. On the daily time frame the candlestick closed below the uptrend trend line which confirms a breakout and it can be expected that Monday's candlestick appears below the trend line which now acts...
A re-test of a major monthly time frame support level taking place, its in confluence with a Fibonacci Retracement level of 61.8 and that could leave traders looking for buy opportunities on the support level/Fib level 61.8
Outlook on USDZAR, as we experience a breakout of the uptrend trend line and traders could be looking for sell opportunities on the retest of the trend line that broke out.
It can clearly be seen that candlestick of the MN timeframe closed below 0.91979 resistance level, on the H4 timeframe there’s a formation of a bearish Head and Shoulder pattern which indicates a bearish levels and traders can expect to look for sell opportunities.
EURAUD outlook, price got rejected on 1.6592 major support level. On the H4 timeframe the downward trend line has been broken out and now we can expect price to go bullish, leaving traders looking for buy opportunities to take place.
