DominicWalsh
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Posts posted by DominicWalsh
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#EURJPY: Important Breakout
EURJPY finally broke and closed above a major horizontal resistance cluster on a daily.
The broken structure turned into a key support now.
I will expect a bullish continuation to 145.0 / 146.3 levels.
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#EURUSD: Waiting For a BreakoutAfter a strong bearish movement, the pair is consolidating within a narrow horizontal trading range.1.065 - 1.068 is its support.I am waiting for its breakout (daily candle close below) to be short.The pair will most likely drop then.The goal will be 1.053
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MarketBreakdown | Dollar Index, GBPUSD, USDCAD, EURNZDHere are the updates & outlook for multiple instruments in my watchlist.1️⃣ Dollar Index (#DXY) daily time frameThe market is consolidating within a narrow horizontal trading range.Taking into consideration that the index is very bullish from the beginning of February,I believe that a bullish rally will continue.Wait for a bullish breakout of the resistance of the range,daily candle close above that will most likely trigger a bullish continuation.2️⃣ #GBPUSD daily time frameThe pair was rejected heavily from a key daily structure resistance.A rejection candle with a long wick was formed.It indicates an intense bearish pressure.I believe that the pair will most likely keep falling.3️⃣ #USDCAD daily time frameThe market is trading within a wide horizontal trading range.Its support was reached yesterday, and the market was rejected from that.Probabilities are high that a resistance of the range will be reached soon.4️⃣ #EURNZD daily time frameThe price is forming a substantial ascending triangle formation.A bullish breakout of its resistance will initiate a solid bullish wave.Wait for a daily candle close above the neckline as a confirmation.
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#USDJPY: Will We Go Higher?Update for USDJPY.Earlier, we spotted a confirmed breakout of a falling parallel channel on a daily.The price has nicely respected the underlined blue zone we considered the buy zone.The price bounced from that and set a new local higher-high higher close.I will expect a further bullish continuation.Next resistance - 134.5
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GOLD (#XAUUSD): Detailed Structure AnalysisHere are the important key levels to watch on Gold.Resistance 1: Major broken trend lineResistance 2: 1897 - 1904 areaResistance 3: 1946 - 1959 areaSupport 1: 1817 - 1832 areaSupport 2: 1765 - 1777 areaThe market remains relatively weak.It looks like the market may retest the broken trend line.Watch carefully!
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Here is my latest structure analysis for ⚠️NZDUSD.
Resistance 1: 0.6412 - 0.644 area
Resistance 2: 0.6505 - 0.6538 area
Support 1: 0.619 - 0.6226 area
Support 2: 0.6155 - 0.6165 area
Support 3: 0.606 - 0.6095 area
Consider these structures for pullback/breakout trading.
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GBPCAD is taking off from a key horizontal support.
The price has formed a bullish engulfing candle on 4h, approaching that structure.
A double bottom on an hourly time frame was formed.I expect a pullback to: 1.618 / 1.622
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USDCAD is trading within a wide horizontal trading range on a daily.
Approaching its resistance, the price formed a triple-top pattern.
Its neckline was broken on Friday.I expect a bearish move to 1.328 now.
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#GBPNZD: Bearish Move From Key Level🔻GBPNZD reached an important supply cluster last week.The price formed a double top pattern on an hourly time frame approaching that.I expect a bearish continuation to 1.903
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Gold (#XAUUSD): Bearish Outlook For This Week ExplainedAn important thing happened on 🔻Gold this week.After a strong bearish movement, the price reached a major rising trend line.The price was coiling on that since Monday.On Thursday, it was broken, though.The price closed below that, forming a bearish engulfing candle.I believe that the market may keep falling next week.Next support on focus is 1817 - 1833 area.
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EURUSD is moving into a correction phase. The price rests against the conditional support at 1.065 and forms a bearish flag. This pattern shows us the potential to revive the fall further.
The price tests the support zone of 1.07116 in a bearish flag format. A breakdown of the support of the local range may lead to liquidating the buying liquidity and activating the momentum for a strong bearish impulse.
However, I expect in the near term an exit of the price from the range downwards, a breakdown of the support of 1.07116, and price movement towards 1.065, and then to 1.0430
Bear Flag Pattern
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#AUDCAD: Bearish Outlook Explained🔻AUDCAD looks very bearish:the price has broken 2 rising trend lines on a daily,formed a double top and broke its neckline as well.The price is retesting the confluence zone based on the broken structures.Probabilities are high that the pair will drop soon.Goals: 0.924 / 0.916
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Gold (#XAUUSD): That Was a Breakout 🟡
So it turned out that 🔻Gold broke a major rising trend line yesterday.
The market has successfully closed below that on a daily engulfing the last 3 bullish candles.That violation may push the price lower.
Next support: 1833
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Here is my latest structure analysis for WTI Crude Oil.
Support 1: 72.3 - 73.2 area
Support 2: 70.0 - 71.4 area
Resistance 1: 81.7 - 85.2 wide supply area
Consider these structures for pullback/breakout trading.
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USDJPY is testing a key horizontal demand zone on 4H.
The price formed a double bottom pattern on that and broke its neckline then.I expect a bullish movement to 132.7
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EURCAD was consolidating for 3 weeks in a wide horizontal trading range on a daily.
Its support was finally broken this week.I believe that the pair may go lower now.
Next support - 1.428
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My personal FX pairs and XAUUSD analysis
in Foreign Exchange (FX)
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#AUDNZD: Classic Structure-Based Trade
AUDNZD reached a wide horizontal demand area.
The price formed a double top on that.
Its neckline has just been broken.
I expect a pullback to 1.101 / 1.102