Technicals show resistance on EU on the 1H chart. Prices became overbought over the passed couple of months and starting to come down. Price bounced right off 200 H moving average but is touching resistance. Resistance now lies at 1.17431. With an overall short bias this week on the Euro, we're looking for more short setups on new and/or future resistance levels.
EU on the 1D chart showing prices coming off highs after 14-Day RSI hit 81. Seeing support in the 1.14000s. We have short sentiment until 1.14 with possible short entries at 1.17400s.
1D chart of UC stuck in consolidation zone between 1.33247 and 1.34980. We have expectations that the USD will be in more demand this week after showing signs of economic growth. If UC can break resistance, we will look to catch the breakout above 1.34980 and look to close at the 38.2% fib retracement level (red resistance line) where resistance lies as well (around 1.38364). We will probably wait for a breakout above resistance before entering so the market picks a direction first.
GU on the 1D chart finally retracing back after hitting a 14-Day RSI of 81. Price also ran into some resistance in the 1.32000s before coming down a considerable amount. We are sticking to a short bias until price comes down to around 1.28000s where lies some key support.
On 4H chart, price bounces off 200 4H moving average and resistance at 0.65500s. We will probably see some more consolidation on Aussie pairs as gold follows. With a long bias on CHF, we are thinking that resistance will hold and look for a break below 0.65123 to the downside on AUD/CHF.
Falling trend line on the 4H has shown some respect for that resistance level. Good market news brought prices up today, but there are now signs that the market is short-term overbought. Looking at a short set ups around 26800s. Possible TP around 200 4H moving average.
Gold price broke out of its wedge on the 1H chart. We have long term bias on gold with near-term short sentiment. Looking for buy entries around 200 H moving average and where prices broke the 3-year high at 1918.
Thanks for reading! If you are interested in joining our trading community, we have chat rooms, trade alerts from our top traders, and educational content. You can join using the link below, and get a discount on your membership.
Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.
9/24/2021 The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%. Our outlook I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short […]
Let's look into the Bank of England's Monetary Policy Summary which took place on Thursday the 23rd of September, 2021. Quick Summary: BoE keeps interest rates unchanged at 0.10% BoE will maintain its asset purchasing target at £875B The vote to keep policy unchanged passed with a 7-2 vote The minutes of the MPC meeting […]
9/23/2021 The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session. Our outlook Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because […]
9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]