Connect with us

Forex Trading

Huge profit opportunity in GBP/USD?

Published

on

GBP/USD move upward from 1.22486 which has been proven as a support many times. The pair tested and broke-out from 1.2900, now testing again the same level after breaking the channel. A huge profit opportunity can now be confirmed with the current breakout.

XAUUSD has been rising since the 20th of July due to the weakness of the dollar. The price of Gold usually influences the market and big questions needs to be asked; is the market in a panic mode?

Away from the question, is this the end of Gold upward trend?

It could be, for now.

Wedges are forming, which means the prices may go down soon it could also mean the opposite. At the moment, it seems like the Gold price it tired and does not have enough strength to breakout. So, if we consider the rising wedge, the price could go down to 1899.14, which is also 0.5 retracement level for Fibonacci.

The Monthly average convergence divergence lines show us the same direction, which is bearish . And Relative strength index is also telling us that the same story, the price is going down from the overbought area.

We could expect a bearish trend now.

In another pair, EURUSD is now trading below the strong horizontal level in a bullish triangle, while also forming a potential double top .

This mix of conflicting signals gives a plethora of scenarios that should be considered.

Scenario 1: EUR to retest the resistance and possible breakout up.

Scenario 2: A bullish breakout of the triangle and the resistance.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Forex Trading

Gold aiming for new highs.

Published

on

Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter our newsletter for news at your doorsteps.

Continue Reading

Forex Trading

XAUUSD eyeing upside above $1916

Published

on

Risk sentiments joins the precious metal’s ability to stay beyond 50-day Simple moving average to attack the 100-day Simple moving average level of usd1,904.54. However, any further upside will eye for a multi-day-old resistance line around usd1,917.

Should gold buyers manage to cross usd1,918 on a daily closing basis, November’s high near usd1,965/67 will be in the spotlight.

Meanwhile, a downside break of 50-day simple moving average, at usd1,871 now, will attack an upward sloping trend line from November 30, currently around usd1,843.

If at all the commodity sellers dominate past-usd1,843, the monthly low near usd1,776 may return to the charts

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

Continue Reading

Forex Trading

Gold sees heavy loss.

Published

on

The precious metal picks up bids around usd1,840, up 0.21% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 24 the previous day but 200- hourly moving average triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative monthly average convergence divergence signals to suggest further upside towards 100-hourly moving average , at usd1,852 now.

However, a downward sloping trend line from Tuesday, near usd1,857 now, will challenge gold buyers ahead of highlighting the recent top surrounding usd1,876 on their radars.

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

Continue Reading

Trending