MarketBreakdown | GOLD, EURCAD, Dollar Index, EURCHF

Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.

1️⃣ Gold (XAUUSD) - 4H time frame 🥇

After a strong bullish rally, the market is currently accumulating.
We see a sequence of equal highs around 1870 level.
At the same time, the price keeps setting higher lows respecting a minor rising trend line.

Bullish breakout of the underlined horizontal resistance will most likely lead to a further bullish continuation.

In case of a bearish breakout of a trend line, a correctional movement may start.

2️⃣ EURCAD - Daily time frame 🇪🇺🇨🇦

After a 1 month-long consolidation within a horizontal trading range,
bears finally broke that with a high momentum bearish candle.

Taking into consideration that the pair is trading in a long-term bearish trend,
I will expect a further bearish continuation now.

3️⃣ Dollar Index (DXY) - Weekly time frame 💵

Greenback managed to violate a key weekly structure resistance level to the upside.
It opens a potential for a further bullish continuation up to 97.0 level.
I guess that the next bullish wave will initiate after a pullback.

94.0 - 94.7 is our major demand zone.

4️⃣ EURCHF - Weekly time frame 🇪🇺🇨🇭

The market is approaching a major weekly key level at the moment.
1.05 is the level on focus.
From that, we will most likely see a pullback.

Look for a confirmation on lower time frames to buy safely.


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Commentaire:

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