The rate is still in the consolidation phase. As it's reached important resistance zone (1.3135 - 1.3155) coming hours will determine the further movement direction. The bullish mood looks pretty strong now, so breaking above the resistance (1.3155) is very likely. After that it should move to 1.3195 and 1.3235 later. If it fails, the triple top formation will be confirmed. It will force the rate to strong decline towards 1.3055.
Gold arrived at 1630 support level. Long term uptrend line and major support at 1600 are also very close. Upward bounce in the comming weeks looks very likely.
GOLD - Weekly chart
GOLD - Daily chart
The rate is moving in the downtrend channel. After hitting support at 1619 it bounced up and stopped at 1645.
GOLD - Daily chart
GOLD - H4 chart
After strong decline last week the rate bounced up. It was stopped on the short term downtrend line and consolidated in the 1636.85 - 1645.00 zone. If it break the resistance at 1645.00 and the downtrend line it should start its movement up to 1660.00 level.
Another scenario will take place if the rate breaks the support at 1636.85 and short term uptrend line. Then we could expect decline to 1630 and 1617.75 further.
Strong decline within last three days has brought the rate to 1.3025 - 1.3055 support zone. Combined with oversold sentiment it can lead to upward correction.
EURUSD - Daily chart
EURUSD - H4 chart
EURUSD was stopped at 1.3055 line. If it remains over this level we can expect consolidation in 1.3055 - 1.3085 zone. Breaking over this consolidation will give the green light to 1.3135 line.
The rate hit the support level at 1.5865 and the minor uptrend line. It seems that the most probable scenario for upcoming hours is breaking over 1.5900 and upward movement towards 1.5950.
But if the rate closes below 1.5865, open short trade with 1.5830 and 1.5805 as targets.
GBPUSD - H4 chart
Trade recommendation:
Buy after closing above 1.5900
Take profit level: Target : 1.5950
Sell after closing below 1.5865 Take profit level: Target 1 : 1.5830 Target 2 : 1.5805
Last week the rate crossed down the support line at 1.0350, as well as the short-term uptrend line. This week opening made a big rising gap, but from that time the rate was gradually falling. The nearest support is around 1.0350. Breaking it down will open the way for further decline.
AUDUSD - Weekly chart
AUDUSD - Daily chart
Since the end of February the AUDUSD has been moving in the downward trend. It stoped in the support zone around 1.0350, and touched the higher order upward trend line. Large decline since the beginning of this week has almost close the formed gap. Further movement toward support at 1.0345 seems to be most likely. Breaking this support and the nearby uptrend line will give the signal for further decline.
AUDUSD - Daily chart
AUDUSD - H4 chart
The rate moves in a downward channel. After reaching the 1.0335 support it bounced up and was stopped at 1.0445 resistance line. If the AUDUSD breaks down the short-term uptrend line (plotted during the upward correction) it will move towards 1.0335. Breaking this support would open the way towards 1.0275 and then to 1.0210. There some upward rebound is very possilbe.
If the rate turned to be so weak that it remains above 1.0335 some consolidation within the downward channel should be expected.
AUDUSD - H4 chart
Trade recommendation:
Sell after closing below 1.0335 Take profit level: Target 1 : 1.0275 Target 2 : 1.0210
In the last 3weeks the rate was growing upafter a strongdecline last month.It reached the downtrendlineand was blockedat the level of1.3345,which corresponds to themiddle ofa largebearishcandle formed few weeks ago.Furtherupward movementis nowblocked by the downtrendlineandresistance at1.3450. The nearestsupportis at the uptrend lineand level of1.3115.
EURUSD - Weekly chart
EURUSD-Daily chart
The rate maintained itscoursebetween thebroken downtrend line (dashed line)and the newlyplotted trend line (solid line). It did not manageto brake over the current consolidation.Last candlewas bullish,but a longuppershadowand lack of breaking above the consolidation is not inviting for openingthe long trades. Furthermore stronger upward movementis also blocked by the higher time-frame downtrendlineandstrong resistancearound1.3450 (weeklychart). The closest resistance is at1.3355and supportat1.3275.
EURUSD - Daily chart
EURUSD-H4 chart
The rateis consolidatedin the rangeof 1.3275-1.3360. Recently, a few candleswith long upper and lower shadows have been formed. Ratebounced down from theupper consolidation limit,butstronger decreasewas stopped at the moment.
If the rate will break the downtrendline it should fall to 1.3275.It is theclosest support. Breaking it downwill give the signalto the fall to the level of1.3245and further to1.3215. In the 1.3175-1.3215 zone we should expect some upward correction -here comes thesupportzone and the uptrend trend lineof the higher time frame. In the upcoming week I expect breaking down and movement towards 1.3215 level. Alternatively, if the rate remains bullish enough to break over the 1.3385 you should consider buying with the 1.3425 as the target.
Trade recommendation:
Sell after closing below 1.3275 Take profit level: Target : 1.3215
Buy after closing above 1.3385 Take profit level: Target : 1.3425
