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.
Skip to content 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.
The price of LTCUSD in heading back to the resistance area. It is possible that it will struggle to break through it and move back in the other direction. The price may eventually break through, but typically the price retreats from the level a number of times before doing so.
Emerging Channel Down pattern in its final wave was identified on the BRN/USD 4 hour chart. After a strong bullish run, we find BRN/USD heading towards the upper triangle line with a possible resistance at 77.3795. If the resistance shows to hold, the Channel Down pattern suggests a rebound back towards current levels.
FTSE100 is heading towards 8510.9004 and could reach this point within the next 17 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.
GBPJPY is moving towards a support 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 2 days and may test it again within the next 7 hours.
The price of BTCUSD in heading in the direction of 92017.9375. Despite the recent breakout through 97712.7734 it is possible that it will struggle to gain momentum to the forecast price and move back in the other direction. This has happened many times in the past so watch for a possible bounce back.
Emerging Channel Up pattern in its final wave was identified on the NGC/USD 1 hour chart. After a strong bullish run, we find NGC/USD heading towards the upper triangle line with a possible resistance at 3.7818. If the resistance shows to hold, the Channel Up pattern suggests a rebound back towards current levels.
This trade setup on EURUSD 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 1.0382.