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MARKET ANALYSIS

Because FTSE100 formed a Channel Up pattern, we expect it to touch the support line. If it breaks through support it may move much lower

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 8637.3486 is expected in the short term.

An important resistance line is being approached by NGC/USD. This price has been tested numerous times in the last 20 days

NGC/USD is moving toward a resistance line. Since it has retraced from this line before, we may see either a breakout through it or a rebound to current levels. It has touched this line multiple times in the past 20 days and may test it again within the next 3 days.

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An unusually large move was recorded for GBPJPY. The magnitude of the move is exceptional.

GBPJPY reached 214.562 after a 0.99% move spanning 2 days.

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A breach of support could signal the start of a bearish trend for XAUUSD.

This trade setup on XAUUSD formed after a period of consolidation, during which the price moved mostly sideways before choosing a longer-term direction. Following the bearish breakout through support, the price could move toward 4693.5120.

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An important price level has been breached by S&P500. This level has been tested numerous times before.

S&P500 has broken through 6756.2100, which it has tested many times before. We have also seen it retrace from this level. If this new trend persists, S&P500 may be heading towards 6730.6089 within the next 3 days.

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Will ETHUSD break through the support level it previously tested?

ETHUSD is approaching a support line at 2052.8701. 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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An important support line is being approached by NGC/USD. This price has been tested numerous times in the last 3 days

NGC/USD 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 3 days and may test it again within the next 16 hours.

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EURUSD – breach of a price line that has been tested numerous times before

EURUSD is once again retesting a key horizontal resistance level at 1.1703. This level has been tested 4 times recently and could see another bounce, as it did last time. However, after so many attempts, it may be ready to start a new trend.

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