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

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GOLD TECHNICAL ANALYSIS

XAUUSD

Monthly;

Xauusd is in a strong down trend and has just broken out the wedge marked by magenta trendlines. Confirmation of resumption of downtrend will be after break  of 1078.40 support zone or otherwise it could be a false break out that can lead to retest of the 1177.86. Confirmed break of the 1078.40 support  zone can cause fall in gold prices to 983.01 zone or even 917.01 zone.

Daily;

The daily trend is now forming an ascending triangle marked by red trendlines. A break above confirmed by break of the immediate magenta trendline resistance can lead to a retest of the 1131.78 resistance zone. A break lower confirmed by break of the 1078.40 support zone can lead to resumption of the downtrend to 983.01 support zone

EURUSD Technical Analysis 

Monthly
The monthly trend seems to start moving in channel marked by yellow and red trendlines. A break of the 1.05592 will lead to resumption of the major down trend which will fall into monthly support around 1.00883 and break of trendline R can lead to retest of the 1.18828 resistance zone as shown below.

Daily
the pair is still in a congestion making large swings on the daily due to reaction on the large monthly support. Break of the support level at 1.08009 will lead to retest of daily lows at 1.05592 where a large reaction is expected. Break of red trendline  resistance Y will lead to retest of the upper zone of the congestion around 1.13705 which the same zone for the yellow trendline resistance R.

EURUSD Daily Techinical Analysis

EURUSD

The pair is in a strong monthly and weekly down trend but correcting on a strong support zone as shown in Fig 1. Break of the trend line resistance can lead to the retest of the key resistance zone and break of the key support zone can lead to resumption of the major down trend.

Fig 1; Daily chart of EURUSD

The current daily down trend is hugging the 21SMA as it moves into a key support zone with less momentum hence, a bounce off the zone may be expected