What Are We Looking For In The Markets Today?
Check out our technical outlook for the day on major forex symbols and gold (XAUUSD)!
Price has broken the descending trendline and has now closed 4 days bullish in a row. The RSI is steadily bullish, and the next daily resistance lies at the 0.7480 level. We are looking for the current bull market to continue into this level.
Price has formed short term support at 0.7410, and if this level holds we will look for continued upside from this level. The next support below comes in around the 0.7360 level, at yesterdays open.
Price has bounced from a descending trendline support, in a descending wedge pattern (bullish). Price is now approaching the mid-term resistance trendline. The RSI is still at bearish levels, however has bullish momentum.
Price has broken the descending channel, however the mid term trendline still remains as resistance. Structure resistance also has held, so we need to see these levels break for upside to be confirmed.
Price has now broken above the daily 0.386% fibo level, which was acting as resistance. The daily resistance trendline still holds above price, however price action and the RSI are both bullish. We are looking for continued upside into the resistance trendline.
Price is now at support on the 1H chart, and we anticipate price to bounce from this level. We are looking for upside to continue into previous highs at 1.3750.
Price has rebounded from the long term trendline resistance, and has broken the short term trendline support to the downside. The Daily RSI has turned bearish, breaking below the 50% level. We anticipate this downside move to continue into the longer term support trendline.
USDCHF 1H has performed a classic break and retest pattern of the support trendline. The broken trendline, yesterdays close, and structure all remain as resistance. We anticipate USDCHF to drop today into the recent 1H lows.
XAUUSD has traded into the immediate resistance trendline, and the significant 1800 figure. Both of these factors act as resistance, however both price action and the RSI are bullish. We are neutral on gold, however believe downside may be the move today.
Price appears to be rejecting resistance levels, and the RSI has formed bearish divergence. We anticipate that we may see price drop into the 1775 level.