XAUUSD Trade: 97 pip short term buy

 
Gold hourly chart is showing a strong potential short term buy. The prices landed into the strong support zone around 1122.8 with slowdown of the momentum hence giving it a chance to bounce off strongly. the immediate target is around 1131.97 zone.

EURUSD Technical Analysis

The pair has been performing well as we expected as discussed in the previous analysis article.

 Weekly

 

The weekly trend is forming a tight ascending triangle held by strong resistance and support zones marked by R and Z respectively. The triangle seems to have a bearish bias but confirmation will be the break of Z red trendline and then the immediate strong support zone is around 1.05592 marked by the blue horizontal line.












Daily
On the daily a break of the magenta trendline marked X will lead to fall into support of the ascending triangle support trendline marked Z. A break of Z red trendline will lead to retest of lows around the 1.05592 support zone marked by the blue horizontal line.



EURGBP Analysis
Analysis of the pair as discussed in the previous article still stands

EURGBP TECHNICAL ANALYSIS

MONTHLY

The monthly trend shows exhaustion with 3 complete waves of selling and landed into a major support zone around 0.69253 marked by S and bounced off strongly. 

The trend still has a chance to retest the lows on the support zone around 0.69253 but a close above 0.73845 marked by A resistance zone will confirm the bullish sentiment. The next resistance zone will be around 0.76490, B and break of that zone will lead to a larger target around 0.82328, C.

DAILY

The daily trend shows a strong bullish sentiment from the lows at 0.69546. 

The price is now reacting to a strong resistance zone around 0.73845, A and a close above it will lead to continuation of the uptrend and next daily target will be around the 0.76490, B resistance zone