My personal FX pairs and XAUUSD analysis

[DominicWalsh]

#USDCAD: Time For Pullback

USDCAD reached a key level.
Testing that, the price broke and closed above the resistance line of a falling wedge pattern.

I expect a pullback now.
Goals: 1.355 / 1.3577

What is a falling wedge pattern?​

A falling wedge pattern is a technical analysis charting pattern that describes a narrowing price range in which prices consistently decline. It’s often referred to as a bearish reversal pattern and is formed by two converging trend lines when the stock’s price has been falling for a certain period. Before the line converges, buyers come into the market, and as a result, the price decline begins to lose momentum.

This pattern signals an impending breakout to the upside and is considered one of bear markets’ most common charting candlestick patterns. A falling wedge pattern is usually seen in downtrends and may occur before a reversal occurs or after a trend reversal.

Source: https://forextradingstrategies4us.com/falling-wedge-pattern/

 

[DominicWalsh]

#AUDNZD: Waiting For Breakout

⚠️AUDNZD is trading in a bearish trend.
The price is currently accumulating within a descending triangle formation.

1.067 - 1.069 is its neckline.
If the price breaks and closes below that on a daily, probabilities will be high that the market will drop lower.
Next support will be 1.0627

 

[DominicWalsh]

#GBPUSD: Your Detailed Trading Plan For This Week

⚠️GBPUSD is approaching a key daily structure resistance.
The price is currently stuck with a rising wedge pattern.

To catch a bearish move from that, watch a reaction of the price to the support of the wedge.
If the price breaks and closes below that on a daily, a bearish move will be expected
at least to 1.225.

Alternatively, a bullish breakout of the underlined resistance will push the price much higher.

 

[DominicWalsh]

S&P500 Index (#SPY): Bullish Outlook Explained

S&P500 Index is trading in a rising channel on a daily.
The price was approaching a solid resistance cluster on Thursday and Friday.
The market managed to break that and successfully closed above.

I believe that the Index may go higher this week.
Next goal for buyers will be 4155

 

[DominicWalsh]

#NZDUSD: Bullish Setup Explained

NZDUSD reached a solid horizontal support.
The price was steadily falling within a bullish flag pattern.
Once the underlined structure was reached, the market bounced
and broke the resistance of the flag.

I believe the pair will go higher now.
Goals: 0.6267 / 0.62895

What is a bull flag chart pattern?​

A bull flag chart pattern is a reversal pattern that consists of a long green candle followed by two shorter red candles. This bullish pattern indicates that an asset’s price will likely increase over the next few days.

The pattern begins with a gradual uptrend, during which the bulls are in control and will attempt to push the price higher. Eventually, the bullish trend reverses, and a bearish phase starts, during which the bears will try to stop the price decline. After this phase, the price returns to its original level and forms a bear flag chart pattern. The bears are in control now and will attempt to stop the price decline.

Source: https://forextradingstrategies4us.com/bull-flag-pattern-trading-strategy/

 

[DominicWalsh]

EURAUD: Bearish Outlook

EURAUD is trading on a key weekly structure resistance.
Once the underlined area was reached, the pair started to trade within a horizontal range for 9 consequent trading days.
Its support was finally broken yesterday.

I think that the pair may drop now.
Targets: 1.593 / 1.5717
For Additional confirmation use: the Ichimoku Cloud Indicator

Why is the Ichimoku Cloud helpful for traders?​

The Ichimoku Cloud is a helpful indicator for traders due to its unique features. The cloud, also known as the Ichimoku Cloud or Ichimoku Kinko Hyo, comprises two Senkou Span lines that form a “cloud” or “kumo” that traders use as support and resistance levels. The Ichimoku Cloud mt4 indicator also includes the Kijun Sen and Tenkan Sen moving averages and the Chikou Span, allowing traders to see momentum and potential trends.

The Ichimoku Cloud forex indicator is helpful for traders because it helps them identify potential buy and sell signals in the market. Traders can use the Tenkan Sen and Kijun Sen to create a trading strategy and use the Sen and Kijun Sen as support and resistance levels indicators. Ichimoku can provide traders with a clearer understanding of market trends and help them make informed trading decisions.

Source: https://primeforexindicators.com/ichimoku-cloud-indicator/

 

[DominicWalsh]

Dollar Index (#DXY): Waiting For Breakout

Dollar Index is trading in a minor bearish trend on a daily.
The market is steadily falling within a falling parallel channel.

The Index is currently approaching a solid horizontal support.
I believe that the fall will resume after its breakout.
To confirm that, we will need a daily candle close below 101.9.

A bearish continuation will be expected to 101.0 support then.
For Additional confirmation use: the Momentum Indicator

Momentum Indicator (MOM) Explained For Beginners​

A momentum indicator (MOM) is a technical analysis tool used in trading to measure the rate of change or speed of price movements. It’s one of the top 5 momentum indicators used by traders. The momentum indicator is an oscillator that is plotted as a line graph. It measures the difference between the current price and a previous price point. The idea behind this is that when the market is trending up, MOM will also trend up, while a downward trend in the market will cause MOM to trend downward. Traders use momentum indicators to identify areas of oversold or overbought assets, which can help predict future price movements. When used with other technical mt4 indicators, the MOM can be a powerful tool for trading. Beginners must understand how to read and use the momentum indicator for the best results.

Source: https://primeforexindicators.com/momentum-indicator/