Bitcoin is currently trading within a wedge pattern, struggling to make significant moves either higher or lower. While a small push up is possible, it's unlikely the wedge will break this week. A support level break is not off the table, but the market's direction remains uncertain. Monitoring the price action throughout the week will be key.
GBP/USD continues to push lower as the bearish trend gains momentum. While a potential trouble area could disrupt the move, the strength of the current trend suggests a high probability of targeting the lower boundary of the channel. Keep an eye on key levels for confirmation.
EUR/USD is exhibiting strong downward momentum with limited upside strength. I anticipate a minor retracement at the start of the week, followed by another push lower as the pair attempts to break its current range. If the range break holds, we could see a significant continuation of the prevailing downtrend.
Gold is currently trading within an upward channel after breaking a significant weekly trendline. However, this leg of the channel may lose momentum, potentially forming a mini triple top or an inner head-and-shoulders pattern. A reversal could see gold retesting the recently broken trendline, providing a key area to watch for future moves.
This week, NAS100 is approaching a critical channel high, and the setup suggests a potential move lower before testing the downward-sloping trendline. Resistance at the trendline could lead to another test of support before a possible push higher. If it does reach the double top, the next move becomes unpredictable.
Gold (XAUUSD) has broken out of the New Year’s week range, but signs point to a potential failed breakout. A move lower could follow before making new highs above the inner double top. If the upper trendline breaks, key orders below the price could become void.