GBPAUD, H4
Price has formed this descending triangle pattern and is now breaking out of the pattern to the upside. Price has broken out of the structure, retested the descending trendline, and is now back at the same resistance of the initial breakout at 1.773. If price continues to break, this could be an excellent level to go long at once price retests and treats this resistance level as new support once there are clear confirmations of rejection and a continued upward movement.
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GBPJPY, Daily
Price is moving in this long-term ascending channel and now slowly trending to the upside after the break of the ascending triangle pattern back in December 2020. Currently price is sitting at the same level as the previous higher high in the channel at 142.00. We saw price approach this level, retrace back to the previous resistance, treated it as new support, and is now once again at this higher high, and looking like it will most likely continue to break to the upside.
Further Analysis:
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XAUUSD, Daily
Price reaching the channels resistance and showing signs of a rejection and continued upside movement. Looking out for further price action confirmations of a continued bullish move before going long on this pair.
- Bart
XAUUSD, H4
While this pair struggled to break that 200 period moving average before, it seems to continue with this level of resistance. Good news for the bulls is that price made a higher high on the 4H chart after breaking a lower low which initially suggested higher volatility. The possibility of gold closing above that moving average would be bullish for the metal.
- Frank
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GBPAUD, Daily
Price has reached the descending trend line and looking as if it’s going to break to the upside. In patterns like these I usually expect the continued bearish movement and a break to the downside, however price is now confirming a continued bullish move, forming hammer candles and showing rejection to the downside. I’m personally not taking this trade but a solid setup to take.
- Bart
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GBPAUD, H4
Price is now breaking out of this descending triangle structure to the upside. Once we see price successfully break through this 1.773 resistance, I’ll be looking out for confirmations of a continued rejection before going long.
- Bart
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S&P500, Daily
The market reaches fresh all time highs today amid the presidential inauguration of 46ths president Joe Biden. Lots of investors are bullish for the idea of continued stimulus, push for clean energy (EV stocks, solar stocks, etc.). SPX500 is now at the top of its long term trend line on the daily chart. An important thing to watch for is a break in the channel to the upside or obedience to that level which results in price coming back down to support.
- Frank
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CADJPY, Daily
Here price is forming an ascending triangle pattern with resistance at around 82.00. We can see two different ascending trend lines, as price seems to be holding both well, so if trend line 1 gets broken, I'm still expecting trend line 2 to continue holding the pattern together. We could enter this pattern two ways, the first would be on the ascending trend line when price approaches it, and then signs of rejections are visible.
- Bart
GBPJPY, H4
Price once again approaching the previous resistance which price is failing to break through in order to continue the ascending channel move. Looking for price to break, retest and continue rejecting the level, treating it as new support, before going long on this pair.
- Bart
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