Breaking Out!

Breaking Out!

Meantime, some patterns are still in progress from the prior post.

Gold Short-Term Bias Turns Bearish

GOLD-Daily (1)

The metal has broken an important short-term support area. In addition to the main daily rising trend line. I will be looking to short on a retest of that broken support. For a near-term target at $1278.

EURGBP Breaks Range

eurgbp-daily

The price has taken the key horizontal support area around 0.8650. Potential downside targets start at 1.618 extension level at 0.8480.

Equities Over-extended

spx

Equities indices have rallied sharply and are excessively overbought in the short term. S&P500 rallied 20 percent from the December bottom to retest horizontal resistance around 2816. Monitoring for short-term bearish confirmation to short anticipating a meaty downside pullback.

CADCHF Triangle Breakout

CADCHF-Daily

The pair had a similar pattern late last year, and the breakout resulted in a significant bearish wave. Closing below the 50-day moving average would be a reasonable confirmation for more to the downside.

GBPCHF Broken Resistance Being Retested

GBPCHF-Daily

The pair has been in a steady uptrend. We had a nice breakout above the horizontal resistance area 1.31-1.32, which could turn to support now. I would monitor the hourly and four-hour charts for a trigger confirmation signal before going long.

Join the discussion

4 comments