NovaFX23

NovaFX23

The price of SILVER (XAGUSD) is showing bearish momentum after testing key resistance levels marked by both horizontal and vertical trend lines. Initially, the pair consolidated within a range but experienced a sharp decline upon testing a descending trend line. This movement breached the range's support with a decisive bearish candle, suggesting further...

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The NZDUSD pair has broken below a crucial intraday support level, followed by a retest and consolidation. A bearish breakout from this range confirms a strong downtrend, targeting 0.5802.

NovaFX23

The EURAUD daily chart has formed a distinct head and shoulders pattern, indicating a potential reversal. With the daily candle closing below the neckline, a key support level has been breached. This breakdown suggests further downward momentum, targeting 1.6045 as the next significant level.

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**Update on Gold (XAUUSD) 📈** The previously shared setup is no longer valid, as Gold failed to break below the neckline of the double top pattern. Instead, it now shows signs of shifting toward a bullish trend. On the 4-hour chart, we’ve identified a descending resistance trend line that has been successfully broken. The key focus for buyers is the resistance...

NovaFX23

GOLD is currently positioned in a key zone where a horizontal supply area has recently been breached, coinciding with a falling trendline. I expect a bearish consolidation to form within this region. The target for this trade is set at 2592. However, if the price moves above this zone, the setup will be invalidated.

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Last week, HAMSTER's price successfully broke above and closed above a key horizontal resistance level. Currently, it is retesting the previously breached structure. Signals indicate the potential for a significant move from the critical support level at $0.0038. A bullish flag pattern, closely monitored, is approaching a breakout point above the descending...

NovaFX23

Silver is presently in a downtrend, moving steadily within a parallel descending channel on the 4-hour chart. After testing the channel’s upper boundary, the price dropped, breaking a strong support level. Now, a retest of this broken level is underway, suggesting that further declines are likely, with target levels at 29.70 and 29.38.

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The NZDCHF has shifted from its upward trend and is now moving downward after an extended bullish rally. A decisive break below a key support level signals strong selling pressure in the market. I expect the downward momentum to persist, with the currency pair potentially reaching the 0.5190 level soon.

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USDCAD is currently trending upward. After reaching a new high and closing higher on the 4-hour chart, the pair has started trading within a horizontal range. I’m expecting a bullish breakout above the range’s resistance. A 4-hour close above 1.3957 would indicate strong buying momentum. If this occurs, it would confirm the continuation of the bullish trend,...

NovaFX23

A bearish reversal has emerged on the CHFJPY chart. After a period of consolidation, a notable double-top pattern formed on the 4-hour chart. The neckline of this pattern was breached yesterday, confirming a breakout of the support range, which the market is now retesting. The pair is expected to continue its decline toward the 174.02 support level.

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In the 📈USOIL chart, prices have broken through a key horizontal resistance and closed above it, signaling a potential continuation of the bullish trend. With the current market rally, this breakout may lead to further upward movement. We expect the bullish trend to extend toward the 73.56 - 74.61 range.

NovaFX23

GBPAUD continues to face significant downward pressure following the break of a strong upward trend line on the 4-hour chart and a broad demand zone. These broken structures have established an expanding supply zone, suggesting that the currency pair is likely to keep declining toward the next minor support level at 1.9440.

NovaFX23

Observe the recent price action of 📉USDCAD. After testing a major horizontal resistance, the price began consolidating within a narrow range. It subsequently bounced and broke below both the support line of an ascending parallel channel and the horizontal range support. This breakdown suggests a potential further decline. Key target levels to watch are 1.3874 and 1.3858.

NovaFX23

There’s another possible short trade opportunity on 📉USOIL. A head and shoulders pattern forming at a key daily/intraday resistance level could signal a strong bearish trend. We expect a price move up to at least 70.24.

NovaFX23

A bearish breakout has occurred in CADJPY, with the price breaking below both an upward trendline and a horizontal demand zone. Following a retest of the broken trendline, a strong rejection suggests potential for further downside movement. The next key support level to monitor is 108.83.

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GBPCAD is currently moving sideways within a broad horizontal range. After testing resistance, a head and shoulders pattern has appeared on the price chart. I expect the consolidation to continue, potentially resulting in a decline toward the support level of the range. My target is 1.7909.

NovaFX23

We observed two notable bearish breakouts in 📉Gold on the intraday and daily charts. First, the price broke through a key daily horizontal support level. Furthermore, it closed below a critical ascending trend line. This breakdown of both horizontal and vertical structures has now established an expanding supply zone. Short positions are recommended from this...

NovaFX23

I'm impressed with how the 📉 Dollar Index reacted to a key horizontal resistance level on the 4-hour chart. Following this test, the index moved into a consolidation phase, forming a horizontal range. The breakdown below this range's support level has provided a clear bearish signal. Now, we're observing a favorable retest of the broken structure, suggesting a...