#Gold has been trading sideways throughout the current week, indicating a period of consolidation in the market. Despite this trend, there is a possibility of increased selling pressure in the liquidity zones highlighted in yellow. Traders are closely watching the short positions at 2333 and 2330, as they could potentially drive the price downwards towards the support level at 2323 in the near future. This anticipated movement suggests that the market sentiment may be shifting towards a bearish outlook in the short term. Price Action Charts HERE
It is essential for investors to stay vigilant and adapt their trading strategies accordingly to navigate through these potential price fluctuations. The analysis provided by Chris offers valuable insights into the possible scenarios that traders need to consider when making decisions in the gold market.
In the realm of currency trading, the #EURAUD pair is currently displaying signs of sustained weakness, suggesting a downward trajectory in the near future. Market analysts are closely monitoring the situation, particularly focusing on the impending release of the CHOCH indicator. The prevailing sentiment indicates that if the indicator remains below the blue line, it may further reinforce the bearish outlook for the pair. Traders and investors are advised to exercise caution and closely observe the market dynamics as the pair approaches the FIB extension level of 1.5880 in the upcoming trading sessions. This critical juncture could potentially shape the direction of the #EURAUD pair for the days ahead, offering opportunities for strategic positioning and risk management in the volatile foreign exchange market.
#GBPAUD is currently exhibiting a persistent trend of weakening in the market, as evidenced by the formation of lower highs and lower lows. This pattern suggests a bearish sentiment prevailing in the market. In the near term, there is a possibility of a temporary pullback in the price towards the resistance level at 1.9080. Such a movement could serve as a crucial juncture for traders, as it may present a selling opportunity. If the price indeed reacts to the resistance level and confirms the bearish momentum, it could signal a potential downtrend continuation. Traders eyeing this setup might consider targeting a downside move towards the support level at 1.8920. The analysis provided by Chris indicates a strategic approach to trading this currency pair, emphasizing the importance of monitoring key price levels for potential trading opportunities.
#AUDNZD Continues its Parabolic trend albeit slowly. Chris [Price Action Charts with Coaching available here]
#GBPCHF is currently showing strong indications of a continuing downtrend over the next few hours. This is supported by the presence of convergence and negative divergence on the trendline, which are key technical indicators pointing towards a bearish movement in the currency pair. Traders and analysts are closely observing the situation as they anticipate the next move in the market. The upcoming hours are crucial as the pair is expected to test the support level and potentially reach the target of 1.1200. Market participants, including traders like Chris, are closely monitoring these developments to make informed decisions regarding their positions. The technical analysis suggests that the downtrend is likely to persist, but market conditions can always change rapidly, so it is essential to stay updated and adapt strategies accordingly.
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