LTCUSD has broken through a support line. Because we have seen it retrace from this price in the past, one should wait for confirmation of the breakout before trading. It has touched this line numerous times in the last 2 days and suggests a possible target level to be around 96.9730 within the next 6 hours.
The last 8 4 hour candles on S&P500 formed a Pennant pattern and broken out through the pattern lines, indicating a possible bearish movement towards the price level of 5971.3683.
Rising Wedge pattern identified on XAUUSD has broken through a support level with the price momentum continuing to move in an downward direction. A solid trading opportunity continues with the price expected to reach 2792.5989 in the next 20.
A strong resistance level has been breached at 21638.8027 on the 30 Minutes NAS100 chart. Technical Analysis theory forecasts a movement to 22059.1699 in the next 2 days.
This trade setup on GBPJPY is formed by a period of consolidation; a period in which the price primarily moves sideways before choosing a new direction for the longer term. Because of the bullish breakout through resistance, it seems to suggest that we could see the next price move to 192.5952.
A strong resistance level has been identified at 77.4500 on the 30 Minutes BRN/USD chart. BRN/USD is likely to test it soon.
Those of you that are trend followers are probably eagerly watching FTSE100 to see if its latest 7.25% move continues. If not, the mean-reversion people out there will be delighted with this exceptionally large 43 days move.
LTCUSD is heading towards 131.0700 and could reach this point within the next 5 hours. 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.
