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#xauud
Gold price pulls back from the vicinity of the monthly peak retested earlier this Tuesday. Bulls opt to lighten their bets amid a positive risk tone and ahead of the US inflation data.
Geopolitical risks and bets for a 50-bps rate cut by the Fed should help limit the downside. Gold has created a triple Top pattern where last three times price reversal can be seen on The chart. Price also approaches a long Vertical resistance and For the price it is very difficult to break as the last time did near the zone again price can be move same. After a long strength period pair looks weak near the zone and chances are higher we may see a good reversal near the zone. Although it's very risky until price gives any reversal candle near the zone.
#usdchf
Drop and drop very rapidly for the last week almost 600+ pips pair moved downside during these days. Price has reached a monthly and weekly support. Where wave 5 of pattern will end and chances are higher we may see the price towards the 50 or 61% corrections in coming days. This support is very solid for the last year whenever pair the zone we have seen a good reversal towards the higher resistance. This time near the solid support we will be looking for a some bullish Momentum and try to find more opportunities.
🔼Another great analysis from Level Up
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#xauusd
Gold struggles to hold above 2400
Gold started the week on a bullish note as markets reacted to escalating tensions in the Middle East. After rising above 2400, however, Xauusd retreated below this level, pressured by the renewed US Dollar strength ahead of this week's critical events. US Yields remain depressed on hopes that the Fed will signal a dovish turn on Wednesday. Xauusd needs to break the 2400 resistance to cancel the broader bearish structure.
If we look into The structure price in the deeper pullback has completed its 61% retracement near the solid support area and if again price comes near the zone in the upcoming fundamental we may see a good bullish Momentum towards the resistance area. Wave 4 retracement is complete and price is ready for the new wave a probably new impulse. It's All predictions check proper price action before trade.
#nzdcad
Pair is on the vertical support and ready for the last impulse of ABCDE pattern and very soon chances are higher we may see a good reversal on cluster of support zone. As we can see on the chart whenever price hit the bottom of vertical support a good recovery towards the vertical resistance. On small timeframe a good narrow range is also formed and after creating a reversal pattern price can be move towards the higher end in coming days.
#EurGbp
Pair is in descending channel for the last two months. EURGBP fails to break the channel either on both sides. Price has hit three to four times channel top and bottom and good reversal can be seen on chart. Again this time price is very close to the bottom vertical support of channel where chances are higher bull active again and push the price towards the Vertical resistance of descending channel. Last time on touch three I was bullish but price remains very short period of time as bullish then drop towards the channel bottom. Price behaviour is very tricky before trade check proper price action.
#EurUsd remains on the defensive below 1.0850 ahead of ECB Lagarde speech, US GDP data EURUSD weakens near 1.0835 in Wednesday early Asian session. ECB Guindos hinted at a possible interest rate cut in September. US S&P Global Manufacturing PMI dropped to 49.5 Services PMI improved to 56 in July. Euro Trends almost changes after the breakout of Ascending trend line. Price is moving under the trend line for the last days and after hitting the last broken support we may see a good drop down towards the fib retracement Level of 61%.
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#gbpjpy
Pair approaches the ascending channel and very soon it will hit the horizontal support and weekly demand zone. Price following the channel and trends is well where last impulse 50% correction will complete the mentioned zone. This zone is very important where bull may active again and push the price towards the horizontal resistance. Pair has also form a falling wedge in small timeframe and very close to the vertical support of falling wedge. After hitting the major zone and closter of support we might be looking for a bullish Momentum. This setup will only be valid until price is in Channel.
#nzdusd
Movement within a strong symmetrical triangle. Price raised last times from the bottom vertical support and moved towards the vertical resistance of symmetrical triangle. Chances are higher price will complete it's 78% fib Level and then may start bearish move towards the E. As it recently rised from the top where it completed its wave E. Nzdusd remains under heavy selling pressure, after Reserve Bank of New Zealand (RBNZ) Governor Orr explained the dovish policy pivot at the press conference. The RBNZ surprised markets with a 25 bps rate cut to 5.25% while lowering the 2024 OCR projections.
#xauusd
Gold price extends its decline despite risk-off mood, US PMI data looms
Gold price loses traction on Monday despite the softer Greenback. Markets are still digesting the FOMC dovish hold and softer US employment report. Gold has created double top structure and complete it's wave 5 as I mentioned in the last Prediction. After the great impulse move a good corrections phase is compulsory for the good trend continuations. Pattern is showing price is ready for the ABC correction. Today on opening price attract seller which indicating may price push down towards the last buying zone. Although here move is tricky and dangerous Be careful during trade.
#gbpcad
Pair hit the channel vertical resistance and near the resistance near the resistance wave D is completed and Price is ready for the last wave E towards the channel vertical support. For the last two weeks we have a price has moved just one Side move and corrections phase is empty and very soon we may see a corrections towards the minimum 50% level. Gbpcad near the zone giving more consolidation and this zone will create more opportunities in coming days. This setup is only valid until the price under the descending trend Line and channel. Price may be remains bullish for sometime but in a long term after the retest a bearish move can be detected on the Chart
#eurnzd
Hit the Top of this Year and create triple top structure is well. Price has moved one side direction aiming to hit the top for the last 5 to 6 weeks without any corrections phase. Near the solid horizontal resistance we have seen as mentioned on the chart price has formed a reversal pattern and after hitting the Top the signs of reversal are higher. Price has moved this year along the ascending trend line and this time if price drops will hit the ascending trend line first and may further drops towards the horizontal support area.
Another Level Up perfect analysis.
400+ pips Upside And 800+ pips downside
Price just Followed the Arrow ✅
#usdcad
Price is very close to the horizontal resistance and for the last two years price failed to break the resistance as we can see in the past two years price has touched four to five times and failed to break the zone which is sign of strength of horizontal resistance. Cad is moving along a vertical support without any corrections and chances are higher we may see a bearish momentum near the solid cluster of resistance zone. More consolidation near the zone may create more opportunities in coming days.
XAUUSD went up and then down as predicted ✅
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#EurCad
Near the Horizontal resistance and price almost hit the two major vertical resistance of descending and ascending channel. Price has done a Good bullish impulse towards the top high within a channel. And near the mentioned zone chances are higher we may see a good reversal towards the bottom end of vertical channel. Price is moving channel within a channel and expected price may not Break the cluster of resistance and drop towards the vertical support.
#xauusd
Gold price remains at bay with US data in focus.Gold price trades with caution in the countdown to a string of US economic data. Firm Fed rate cut hopes to keep the upside in the US Dollar limited. Yellow metal has completed its 50% fib retracement of last impulse move. As the wave count wave 3 is complete and price has started wave 4 correction and chances are higher it may hit the top ascending trend line which break in wave 3. I mentioned the zone of 50 % retracement of last bearish where two major resistance has the ability to push the price downside in coming days.
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Week report:
157,87 UsdJpy 117 pips ✅
1,0915 EurUsd -15 pips 💢
1,3635 UsdCad 60 pips ✅
1,492 EurCad running ✅
1,3663 UsdCad -57 pips 💢
0,8884 UsdChf running ✅
2469 Gold 200 pips ✅
156,27 UsdJpy 44 pips ✅
0,84 EurGbp 16 pips ✅
1,296 GbpUsd 61 pips ✅
TOTAL GREEN PIPS made: 498
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