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#xauusd
Gold consolidates before a sustained break above 2530. Gold exchanges hands just above 2500 on Wednesday after sliding lower due to a rebound in the US Dollar (USD). Given Gold is mainly priced in USD, any strength in. theGreenback tends to weigh on its price. Gold is correcting back as the US Dollar recovers from year-to-date lows. Mixed US economic data is making the market cautious about whether the Fed will cut by 0.50% in September. Price has formed a Fresh high near the 2530 zone last two times price also retest with full power but failed to break the zone. It has created also big triple top structure after a little retest we may see a good drop towards the support area. Dollar index has hit the bottom which indicating of dollar index recovery in coming days.
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#dxy
US Dollar loses ground as investors remain overly confident on a September cut. The US Dollar, benchmarked recorded a seven-month low in correspondence with a falling trend in Treasury yields and intense dovish bets on the Federal Reserve (Fed). In response to the circulating sentiment built around Chair Jerome Powell's forthcoming statements at the Jackson Hole assembly that begins on Thursday, market investors are focusing on potential disclosures regarding future Fed rate cuts. Dollar has reached a monthly end where and near to the fib Level is well. Which is the Good reversal point of dollars index in coming days. Price has the ability to move Along the zone and after hitting the zone we may see a good recovery towards the resistance area.
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#xauud
Gold price pulls back from the vicinity of the monthly peak retested earlier this Tuesday. Bulls opt to lighten their bets amid a positive risk tone and ahead of the US inflation data.
Geopolitical risks and bets for a 50-bps rate cut by the Fed should help limit the downside. Gold has created a triple Top pattern where last three times price reversal can be seen on The chart. Price also approaches a long Vertical resistance and For the price it is very difficult to break as the last time did near the zone again price can be move same. After a long strength period pair looks weak near the zone and chances are higher we may see a good reversal near the zone. Although it's very risky until price gives any reversal candle near the zone.
#usdchf
Drop and drop very rapidly for the last week almost 600+ pips pair moved downside during these days. Price has reached a monthly and weekly support. Where wave 5 of pattern will end and chances are higher we may see the price towards the 50 or 61% corrections in coming days. This support is very solid for the last year whenever pair the zone we have seen a good reversal towards the higher resistance. This time near the solid support we will be looking for a some bullish Momentum and try to find more opportunities.
#xauusd
Gold struggles to hold above 2400
Gold started the week on a bullish note as markets reacted to escalating tensions in the Middle East. After rising above 2400, however, Xauusd retreated below this level, pressured by the renewed US Dollar strength ahead of this week's critical events. US Yields remain depressed on hopes that the Fed will signal a dovish turn on Wednesday. Xauusd needs to break the 2400 resistance to cancel the broader bearish structure.
If we look into The structure price in the deeper pullback has completed its 61% retracement near the solid support area and if again price comes near the zone in the upcoming fundamental we may see a good bullish Momentum towards the resistance area. Wave 4 retracement is complete and price is ready for the new wave a probably new impulse. It's All predictions check proper price action before trade.
#usdchf
Fresh low near the monthly supply zone and most support zone of this year. Price has reached a lower low where chances of recovery is possible towards the resistance zone. As price has formed a solid support which has the ability to push towards the resistance zone in coming days. CHF also following a pattern of waves. In ABC pattern price is ready for the next impulse towards the C area. After the recovery our first targeting zone will be descending trend line where last time price has dropped. More consolidation near the zone will create more opportunities in coming hours. We will be looking for a good reversal candle near the zone which will be end of last impulse. This setup will only be valid until price holding a support zone. If incase price gives no reversal sign near the zone this setup will be fail.
Another great analysis from Level Up Forex team ✅
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#gbpusd
struggles above 1.3000 on renewed US Dollar demand GBP remains offered toward 1.3000 in European trading on Wednesday, having hit yearly highs at 1.3052 on Tuesday. The US Dollar finds fresh demand amid a tepid risk tone, as traders await the US NFP revisions and the Fed Minutes for fresh cues on the policy path. Price has created a double top pattern on the higher end of resistance and hit the supply zone of last week and also completed its wave 5 and completed its great impulse is well. Chances are higher we may see a drop down towards the 61% golden fib Level for retrment and will complete ABC pattern is well. On the higher timeframe price has also formed a reversal pattern and wave D is almost complete and for E price may drop down towards the lower end and demand zone is well.
#usdjpy
Moving under the vertical support which was broken last week and retested is well. Price for the last year was trending and moving above the ascending support of vertical channel and only one side impulse can be seen on the charts. Now in current scenario price has broken it's support and closed below the mentioned Level and chances are higher it may complete it's 50% fib retracement for the Good drop towards the bottom support area. Price yet retest the trend line and started moving around the zone until it hits the major mentioned zone we may not see proper direction.
#nzdusd
Movement within a strong symmetrical triangle. Price raised last times from the bottom vertical support and moved towards the vertical resistance of symmetrical triangle. Chances are higher price will complete it's 78% fib Level and then may start bearish move towards the E. As it recently rised from the top where it completed its wave E. Nzdusd remains under heavy selling pressure, after Reserve Bank of New Zealand (RBNZ) Governor Orr explained the dovish policy pivot at the press conference. The RBNZ surprised markets with a 25 bps rate cut to 5.25% while lowering the 2024 OCR projections.
#xauusd
Gold price extends its decline despite risk-off mood, US PMI data looms
Gold price loses traction on Monday despite the softer Greenback. Markets are still digesting the FOMC dovish hold and softer US employment report. Gold has created double top structure and complete it's wave 5 as I mentioned in the last Prediction. After the great impulse move a good corrections phase is compulsory for the good trend continuations. Pattern is showing price is ready for the ABC correction. Today on opening price attract seller which indicating may price push down towards the last buying zone. Although here move is tricky and dangerous Be careful during trade.
#gbpcad
Pair hit the channel vertical resistance and near the resistance near the resistance wave D is completed and Price is ready for the last wave E towards the channel vertical support. For the last two weeks we have a price has moved just one Side move and corrections phase is empty and very soon we may see a corrections towards the minimum 50% level. Gbpcad near the zone giving more consolidation and this zone will create more opportunities in coming days. This setup is only valid until the price under the descending trend Line and channel. Price may be remains bullish for sometime but in a long term after the retest a bearish move can be detected on the Chart
#eurnzd
Hit the Top of this Year and create triple top structure is well. Price has moved one side direction aiming to hit the top for the last 5 to 6 weeks without any corrections phase. Near the solid horizontal resistance we have seen as mentioned on the chart price has formed a reversal pattern and after hitting the Top the signs of reversal are higher. Price has moved this year along the ascending trend line and this time if price drops will hit the ascending trend line first and may further drops towards the horizontal support area.
Another Level Up perfect analysis.
400+ pips Upside And 800+ pips downside
Price just Followed the Arrow ✅
#usdcad
Price is very close to the horizontal resistance and for the last two years price failed to break the resistance as we can see in the past two years price has touched four to five times and failed to break the zone which is sign of strength of horizontal resistance. Cad is moving along a vertical support without any corrections and chances are higher we may see a bearish momentum near the solid cluster of resistance zone. More consolidation near the zone may create more opportunities in coming days.