MarketBreakdown | AUDUSD, GBPJPY, GOLD (XAUUSD), EURAUD
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ AUDUSD- Daily time frame
I see the signs of a bullish accumulation.
After the price reached 0.729 structure low, the market managed to set two consequent higher lows,
respecting the same highs and forming an ascending triangle .
and bullish rally will initiate.
2️⃣ GBPJPY- Daily time frame
and a consequent formation of a dodji candle on that,
I believe that the pair will keep growing.
I also noticed a very nice intraday confirmation with a bull flag breakout on 4H
Goldis trading in a consolidation.
For now, the market is ranging within a horizontal trading range.
Three main points to take into consideration:
Upper boundary of the range - 1832 - 1835
Middle of the range - 1810
Lower boundary of the range - 1789 - 1793
After yesterday's touch of the resistance of the range,
I believe that we will see a breakout attempt of the middle level
and a potential bearish continuation to the support of the range.
But do not expect the market to be fast.
Full video breakdown is here -
4️⃣ EURAUD - Daily time frame
It looks like EURAUD is forming an expanding wedge pattern.
With three confirmed touches of its resistance, the price is probably going to hit its support.
I will look for a trend following opportunity from a lower boundary of the wedge .
Nice swing long can be caught from there.