⚠️EURCHF is currently consolidating.
The pair is trading within a wide intraday trading range.
Currently, the price is approaching its lower boundary.
To buy the pair with a confirmation, watch a double bottom pattern.
0.994 - 0.9943 is its neckline.
Wait for an hourly candle close above that (it will confirm a breakout),
buy aggressively or on a retest then.
Target will be 0.996
If the price sets a new lower low, the setup will be invalid.
Also use RSI Indicator for confirmation.
A Comprehensive Guide to the RSI Indicator
Relative strength index, or RSI indicator, is a momentum indicator used to measure overbought and oversold levels of a price movement. It’s unique because it measures momentum over time rather than price action.
It’s one of the most popular technical analysis-free indicators for spotting overbought and oversold levels, trend reversal, divergence, reversal signals, strength reversal divergence, and support & resistance levels. Traders also use it extensively to help determine trading decisions such as entry points and exit signals.
Silver looks very oversold.
The price reached a solid horizontal key level and formed an inverted head and shoulders pattern on 1H time frame.
We might see a pullback.
Goals: 20.37 / 20.55
Inverse Head and Shoulders
The inverse head and shoulders pattern is a technical analysis charting technique that can identify potential reversals in the price of a security. This pattern is characterized by three troughs and two peaks, with the middle peak being lower than the other two. The inverse head and shoulders are the opposite of the traditional authority and shoulders pattern, which suggests an upward trend instead of a reversal.
Traders often look for this formation as a sign that the price has bottomed out and will likely move higher. Confirmation of an actual reversal occurs when the price breaks through resistance at the neckline formed by connecting the two troughs on either side of the middle peak. This pattern can be helpful for traders seeking to buy into an asset at its lowest point before it starts to rise again.
CADJPY broke and closed below a support line of a bearish flag pattern.
Taking into consideration, that the pair is trading in a bearish trend,
that violation may trigger a sell off.
I expect a bearish continuation to 97.05 / 96.1
How to use the Bear Flag Pattern
The Bear Flag pattern is a trading strategy that uses technical indicators to make buy and sell decisions. It is based on the Fibonacci retracement and continuation patterns, popular among technical analysts for predicting short-term price movements.
The basic idea of the Pattern is that it provides traders with a reliable entry point and an exit point, thereby making their trades less volatile. However, you must study the chart and identify the appropriate period for using the Pattern. You can use it to make buy and sell decisions in various markets.
Gold (#XAUUSD): Important Bullish Clue on a Weekly
Gold has nicely respected a major weekly structure support.
The market formed a bullish engulfing candle after the test of structure,
and then we saw a very nice rejection from that.
It looks like Gold may go higher.
Next resistance 1925.
Remember, that weekly time frame chart unveils a long-term perspective.
So it may take weeks, before the price reaches the target.
What Is a Bullish Engulfing Candle?
A bullish engulfing candle is a candlestick chart pattern that signals an upcoming uptrend in the market.
This pattern consists of a long and short body connected by a wick. The wick is a thinner portion of the candle’s body that resembles a tail, and the taller part is the body. The long body is usually the same length as the body and signifies bullishness.
Before trading engulfing candlesticks, it’s essential first to understand them. The height of the candlestick indicates how much trading volume was present at a price shown by the candle. The color of the candlestick reflects the mood of buyers and sellers at the time of opening. For example, green engulfing candlesticks indicate bullishness, red engulfing candlesticks indicate bearishness, black engulfing candlesticks indicate a reversal, and white engulfing candlesticks indicate indecision among buyers and sellers. Also, bearish engulfing candlesticks close below the open price, while bullish engulfing candlesticks close above the available price.
CHFJPY is trading in a minor bullish trend on a daily.
The price was accumulating for 3 weeks within an ascending triangle formation.
Its resistance was broken on Friday, we see its retest now.
I expect a bullish continuation to 148.3
What Is an Ascending Triangle?
An ascending triangle is a bullish chart pattern that typically forms during an uptrend as a continuation pattern. It is characterized by two or more equal highs that create a horizontal line and two or more rising troughs that form an ascending trend line. To identify an ascending triangle, look for a horizontal line at the top of the pattern and a slanting or rising trend line moving upwards. This usually leads to a bullish breakout and can signal weakened resistance and an approaching escape to the upside. In short, ascending triangles are reversal signals that indicate an uptrend is likely to continue.
⚠️USDCAD is consolidating on a key level.
We see a narrow horizontal range on 1H time frame.
To buy the pair with a confirmation, watch 1.369 - 1.37 horizontal resistance.
If the price breaks and closes above that on 1H, the probability will be high that we will see
a pullback from the underlined structure.
The goals will be 1.374 / 1.378
For confirmation, use Moving Average Indicator
If the price sets a new lower low, the setup will become invalid.
Understanding a Moving Average Indicator
A moving average (MA) is a trend-following indicator used to analyze and predict the price movements of a security. It is a simple and effective technical analysis indicator employed to interpret price data and draw conclusions about the price movement of a security or asset over time.
A moving average is a simple mathematical formula to calculate the asset’s average price over time. It is used widely in trading and finance.
Different types of moving averages exist, such as Simple moving averages (SMA), exponential moving averages (EMA), smoothed moving averages (SMMA), and linear weighted moving averages (LWMA). Each type has advantages and disadvantages and can be used depending on the situation.
Bitcoin (#BTCUSD) has just broken a new yearly high!
Bulls are pushing Bitcoin again.
The price have updated a new high and currently approaching 27000 level.
From a technical perspective, we see a breakout attempt of a major weekly resistance cluster.
The weekly candle closes in 2 days. Closing above the underlined area, Bitcoin will open a potential
for a further bullish continuation.