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MARKET ANALYSIS

A Rising Wedge has formed, NAS100 is approaching support. Can we expect a breakout and the start of a new trend or a reversal?

NAS100 is trapped in a Rising Wedge formation, implying that a breakout is imminent. This is a great trade setup for both trend and swing traders. It is now approaching a support 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 who are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 21853.4966 is expected in the short term.

Will USDJPY break through the support level it tested before?

USDJPY is moving towards a key support level at 149.6260. USDJPY has previously tested this level 3 times and on each occasion it has bounced back off this level. Is this finally the time it will break through?

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NGC/USD – approaching a support line that has been previously tested at least twice in the past

NGC/USD is approaching the support line of a Falling Wedge. It has touched this line numerous times in the last 10 days. If it tests this line again, it should do so in the next 2 days.

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FTSE100 is approaching a resistance line of a Channel Up. It has touched this line numerous times in the last 15 days.

FTSE100 is moving towards a resistance line. Because we have seen it retrace from this line before, we could see either a break through this line, or a rebound back to current levels. It has touched this line numerous times in the last 15 days and may test it again within the next 3 days.

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LTCUSD seems to be on its way to support – a possible opportunity?

LTCUSD is moving towards a key support level at 128.0300. This is a previously tested level for LTCUSD. This could be a good trading opportunity, either at the spot price, or after breaching this level.

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XAGUSD is signaling a possible trend reversal on the intraday charts with price not breaching resistance.

A Channel Up pattern was identified on XAGUSD at 31.187, creating an expectation that it may move to the support line at 30.8103. It may break through that line and continue the bearish trend or it may reverse from that line.

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A possible move on XAUUSD as it heads towards resistance

XAUUSD is heading towards the resistance line of a Channel Up. If this movement continues, the price of XAUUSD could test 2668.4056 within the next 7 hours. It has tested this line numerous times in the past, so this movement could be short-lived and end up rebounding just like it did in the past.

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BRN/USD seems to be on its way to support – a possible opportunity?

BRN/USD is heading towards 72.3395 and could reach this point within the next 3 days. It has tested this line numerous times in the past, and this time could be no different, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels.

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