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MARKET ANALYSIS

A possible move on FTSE100 as it heads towards support

FTSE100 is trapped in a Channel Up formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a resistance line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 9207.9500 is expected in the short term.

A Rising Wedge has formed, and XAUUSD is approaching support. Should we expect a breakout and the start of a new trend, or a reversal?

XAUUSD is heading toward the resistance line in a Rising Wedge pattern. If this move continues, the price of XAUUSD could test 5221.2819 within the next 5 hours. It has tested this line many times before, so the move could be short-lived and may rebound as it has before.

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EURUSD appears to be approaching support—a potential opportunity?

EURUSD is moving toward a support line. Because it has retraced from this level in the past, we may see either a breakout through this line or a rebound to current levels. It has touched this line multiple times over the last 3 days and may test it again within the next 10 hours.

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An important support line is being approached by S&P500. This price has been tested numerous times in the last 16 days

S&P500 is moving toward a support line. Since it has retraced from this line before, we may see either a breakout through this line or a rebound to current levels. It has touched this line numerous times in the last 16 days and may test it again within the next 3 days.

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NGC/USD is approaching a support line that has been tested at least twice before

A Falling Wedge pattern was identified for NGC/USD at 2.8995, suggesting it may move toward the support line at 2.8510. It may break through that line and continue the bearish trend, or reverse from it.

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XAGUSD appears to be approaching support—a potential opportunity?

XAGUSD is approaching a support line at 86.7077. If it hits the support line, it may break through this level to continue the bearish trend, or it may return to current levels.

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BTCUSD — large moves like this tend to attract attention.

BTCUSD has moved higher by 6.44% from 64904.06 to 69080.89 in the last 15 hours.

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FTSE100 is approaching a resistance line that has been tested at least twice before

FTSE100 is moving toward a resistance line it has tested many times. It has retraced from this line before, so it’s unclear whether it will break through or rebound again. If FTSE100 continues on its current trajectory, it could reach 10967.5713 within the next 2 days.

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