MarketBreakdown | EURUSD, USDJPY, GOLD (XAUUSD), EURAUD
A lot of forex majors are standing on key pivot points right now.
Here are some of them that I am monitoring at the moment.
1️⃣ EURUSD - Daily time frame 🇪🇺🇺🇸
1.185 was the previous structure low and a local strong key level.
Even though the price attempted to violate that last week,
with a strong rejection, a daily candle closed above the underlined level.
While the structure looks respected, local bullish bias remains.
To confirm a coming bearish wave, now I need a daily candle close below 1.18
2️⃣ USDJPY - Daily time frame 🇺🇸🇯🇵
The pair is trading in a bullish trend .
Higher highs and higher lows are respecting the boundaries of a rising channel .
Last week the market has violated and closed above a previous year's high.
Now we see a retracement.
I am waiting for a test of a support of a channel as the point to buy from.
I will wait for an intraday confirmation as an entry reason.
3️⃣ EURAUD - 3 days time frame 🇪🇺🇦🇺
The price is approaching an important confluence zone.
1.562 - 1.569 is a key historical area.
For now, I am looking for buying opportunities from there being bullish biased.
With an intraday confirmation, I will buy.
Being bearish biased, wait for its bearish breakout (at least daily candle close below),
it will be a strong bearish signal.
4️⃣ GOLD ( XAUUSD ) - Daily time frame 🥇
On intraday time frame the market looks very bullish .
The price has successfully broke above an intraday structure resistance .
The last resort for sellers is 1810 level.
The price might retrace slightly from that, but something tells me
that in a mid-term more growth is coming!
Next major resistance to watch is 1843 - 1857