Technical Analysis and Outlook: The Eurodollar has shown strong upward momentum during this week's trading session, reaching a newly identified resistance level of 1.060. It seems ready to move toward the target value of Currency Rally 1.072. However, it is important to note that the Eurodollar will likely retest the support levels at 1.054 and possibly 1.049 before continuing its upward trajectory.
https://www.tradingview.com/x/c0qEZmoE/ Dollar Index leaves clear bearish clues on a daily with a violation of a key daily horizontal support on Friday. Looks like the index is going to drop lower next week. Next support - 105.46 ❤️Please, support my work with like, thank you!❤️
Digibyte shown here on the daily chart showing a nice bullish impulse firmly above the neckline of its inverse head and shoulders pattern. Already well on the way to the breakout target here so very likely validating the breakout. Also doing so a day or so before it has its golden cross. Once it reaches the full breakout target it’s likely to test the next potential resistance of the yellow horizontal trendline. That trendline is actually the neckline of a larger double bottom pattern. Wouldn’t be surprised with the golden cross so close by that whatever resistance that double bottom neckline provides doesn’t last very long *not financiala dvice*
Final chart of the day. I think fan tokens are a hugely overlooked narrative and they are all forming beautiful Wyckoff accumulations. Volume is huge at these levels, marking the likely bottom. First target for the spring for BAR is $5.49 but could reach $7. Expect a retest of or near to the range low before blasting off from there to at least $24.8 - probably much higher in the end
We saw another week of volatile movements for Gold. This time, the movement appeared to be influenced by news of Trump's pick for Treasury Secretary and the Ceasefire announced between Israel and Hezbollah. This resulted in a sudden drop in the Gold price at the start of the week before we saw some significant economic news released towards the end of the week. The announcement of the ceasefire resulted in some some risk-on movement of money as the market viewed this as an easing of tension in at least one geopolitical hotspot. Some sabre rattling from Russia, mean that this was short lived. Whilst the reaction to Trump's nomination of Scott Bessant for Treasury Secretary seemed a little confused given his more muted comments about the use of tariffs and stated desire to reduce the budget deficit. Both of these, on the face of it, would help to ease inflation and make the Fed's job of lowering rates much easier and should have been a support for the Gold price. Towards the end of the week it appears that the market had better parsed the implications of this pick. On the economic front we had inflation, GDP and labour market numbers broadly come in at expectations along with the FOMC minutes talk of a potential slowing in rate cuts. The probability of a December rate cut increased slightly as yields and the US dollar both dropped. It is possible that the the observed volatility in Gold prices continues in the short-term leading up to the Fed's interest rate decision in December and the economic implications of Trump's policy statements and cabinet picks continue to be debated. Looking at the current trend, we have seen periods of sideways movements following an upwards movement in the price and it is likely that we are entering another phase leading up to the innaguration of the president elect. It has been pointed out the the last seven years have seen a rally in Gold prices, but it is unclear whether the conditions are present for an eight. If the Fed chooses to hold off on a rate cut in December, then there's a good chance we won't. I will look at the likely price movement leading into next week in another post.
https://www.tradingview.com/x/TxX08b57/ GBPUSD broke and closed above both the resistance line of a falling wedge pattern and a horizontal resistance cluster on a daily. It indicates a highly probable bullish continuation next week. Next resistance - 1.283 ❤️Please, support my work with like, thank you!❤️
Technical Analysis and Outlook: Bitcoin has significantly declined below our Mean Support level of 94400. Nevertheless, the momentum of the bull market has been a pivotal factor, allowing Bitcoin to rebound robustly and heading to retest the established Outer Coin Rally target 99500. Current analysis indicates that the cryptocurrency is poised to surpass the 99500 threshold, consequently reigniting its upward trajectory towards the forthcoming Outer Coin Rally target at 110000. The pullback to Mean Support 95600 and possibly to 91800 is strategically positioning the market for the next phase of the bullish trend.
The USD/CAD pair appears to be overextended, signaling a potential trend reversal on the horizon. This setup is ideal for a swing trade, with a projected duration of a few weeks to a month. Strategic entry and exit points will be key to capturing this opportunity as the market adjusts.
https://www.tradingview.com/x/HtwLrG64/ Here is our detailed technical review for USOIL. Time Frame: 1D Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a key horizontal level 68.12. Considering the today's price action, probabilities will be high to see a movement to 71.74. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
The EUR/USD pair appears to be forming a bottom, signaling a potential trend reversal. This setup presents an opportunity for a swing trade, with an anticipated holding period of a few weeks to a month. Traders should monitor key technical levels and market catalysts closely as the pair transitions into this new phase.