MarketBreakdown | GOLD, EURCAD, Dollar Index, EURCHF
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ Gold ( XAUUSD ) - 4H time frame 🥇
After a strong bullish rally, the market is currently accumulating.
We see a sequence of equal highs around 1870 level.
At the same time, the price keeps setting higher lows respecting a minor rising trend line .
Bullish breakout of the underlined horizontal resistance will most likely lead to a further bullish continuation.
In case of a bearish breakout of a trend line , a correctional movement may start.
2️⃣ EURCAD - Daily time frame
After a 1 month-long consolidation within a horizontal trading range,
bears finally broke that with a high momentum bearish candle.
Taking into consideration that the pair is trading in a long-term bearish trend ,
I will expect a further bearish continuation now.
3️⃣ Dollar Index ( DXY ) - Weekly time frame 💵
Greenback managed to violate a key weekly structure resistance level to the upside.
It opens a potential for a further bullish continuation up to 97.0 level.
I guess that the next bullish wave will initiate after a pullback.
94.0 - 94.7 is our major demand zone .
4️⃣ EURCHF - Weekly time frame
The market is approaching a major weekly key level at the moment.
1. 05 is the level on focus.
From that, we will most likely see a pullback.
Look for a confirmation on lower time frames to buy safely.