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GBPUSD TECHNICAL OUTLOOK
The Relative Strength Index (RSI) indicator turned south and declined below 40 after rising to 50 on Friday, suggesting that sellers look to retain control of GBP/USD's action. A break below 1.2710-1.2700 support area, where the Fibonacci 78.6% retracement of the latest uptrend, could open the door for an extended decline toward 1.2620 (static level, beginning point of the uptrend).
On the upside, 1.2780 (Fibonacci 61.8% retracement) and 1.2800 (200-period Simple Moving Average, descending trend line) align as immediate resistance levels before 1.2830 (Fibonacci 50% retracement).
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TP HIT melt to the bottom of the ocean we're robbing the broker again this week π«‘
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SUPPLY & DEMAND π
In Supply & Demand we have 4 Structures which is what?
π Rally - Base - Rally
π Rally - Base - Drop
π Drop - Base - Tally
π Drop - Base - Drop
And also we have 2 Zones
π Supply Zone - SELL
π Demand Zone - BUY
For supply & demand, we can entry based on M5 time frame and above.
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Technical Analysis: Australian Dollar hovers around 0.6500
The Australian Dollar trades around 0.6500 on Monday. The daily chart analysis shows that the AUD/USD pair consolidates within a descending channel, indicating a bearish bias. The 14-day Relative Strength Index (RSI) is hovering below the oversold 30 level, which suggests a potential for an upward correction.
The AUD/USD pair could find immediate support around the lower boundary of the descending channel at the throwback support of 0.6470 level.
On the upside, resistance is first encountered at the channel's upper boundary, around 0.6520, followed by the nine-day Exponential Moving Average (EMA) at 0.6544. The next significant resistance is at 0.6575, where the "throwback support turned resistance" is located. A breakout above this level could propel the AUD/USD pair toward a six-month high of 0.6798.
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πͺπΊπΊπΈ EUR/USD technical analysis
Looking at the 4-hour chart, the pair climbed above the 1.0840 level, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour). It broke a key bearish trend line with resistance at 1.0820.
The pair even surpassed the 61.8% Fib retracement of the downward move from the 1.0948 swing high to the 1.0775 low. The pair is now showing positive signs above the 1.0900 level.
Immediate resistance sits near the 1.0935 level. The next resistance sits at 1.0950. A clear move above 1.0950 could open the door to more gains. In the stated case, the pair could rise and test 1.1050.
Immediate support is near the 1.0880 level. The next major support is near the 1.0850 level. A downside break and close below the 1.0850 support zone could open the doors for more losses. In the stated case, EUR/USD might decline toward the 1.0820 level.
TP smashed instantly good profit means a lot, fighter's π
Enjoy your profit! π°
Sharp entry running profit instantly set BE to hold or close first entry ya ππ»
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Technical Analysis: USD/JPY falls to near 142.00
USD/JPY trades around 142.00 on Monday. The daily chart analysis shows that the pair is continuing its losing streak. The 14-day Relative Strength Index (RSI) is moving below 30, suggesting an oversold currency asset situation and a potential short-term rebound.
The USD/JPY pair navigates the region around lows since December 2023. The pair may test the throwback support at the 140.25 level.
On the upside, the USD/JPY pair might encounter resistance around the nine-day Exponential Moving Average (EMA) at 150.13. A break above this level could weaken the bearish bias and support the pair to test the "throwback support turned resistance" at 154.50, followed by the 50-day EMA at 155.58 level.
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GOLD TECHNICAL OUTLOOK
Currently, gold continues its upward trend, maintaining steady trading around the 2450 USD mark.
This precious metal has successfully breached the resistance level at 2420 USD, creating a new breakthrough and establishing fresh support. On the chart, the upward momentum is still being driven by a head and shoulders pattern.
