Daily Price Outlook

• Bitcoin faces selling pressure after breaking $27,500 and the 50% Fibonacci, signaling a bearish trend.
• It has reached the 61.8% Fibonacci at $27,250 and approaches support at $26,950.
• A breakout above $27,950 could target support at $26,500, triggering a bullish upswing. Resistance levels are at $27,300 and $27,500. Monitor $27,500 and watch for rebounds near $26,500.

Bitcoin is currently encountering considerable selling pressure following its breach below the crucial $27,500 level, which acted as a robust support for the cryptocurrency. The four-hour chart reveals a breach not only of the 50% Fibonacci retracement level but also of the Alpha train line, amplifying the bearish sentiment.

A bearish engulfing candlestick pattern further confirms the prevailing downward trend. Bitcoin has already descended to the 61.8% Fibonacci retracement level at $27,250 and appears to be gravitating towards the next significant support at the 78.6% Fibonacci level, approximately $26,950.

A successful breakthrough above the $27,950 level has the potential to propel Bitcoin's price towards the subsequent support zone at $26,500. This level has proven its reliability as a support multiple times in the past, exemplified by its role on the 14th, 17th, 18th, 22nd, and most recently on the 27th. Consequently, it holds substantial significance.

A decisive close above the critical threshold of $26,500 is likely to ignite a bullish upswing for Bitcoin's price. On the upside, we anticipate the reestablishment of the previously violated resistance level around $27,300, followed by the subsequent resistance at $27,500. Moreover, if the upward momentum persists, Bitcoin could potentially challenge the next resistance level at $28,000.

To conclude, diligent monitoring of the $27,500 level is crucial as it serves as a pivotal support zone, while also remaining vigilant for potential rebound opportunities in the vicinity of the $26,500 level for Bitcoin. BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Sell Below 27250

Stop Loss – 27800

Take Profit – 26500

Risk to Reward – 1 : 1.35

Profit & Loss Per Standard Lot = +$750/ -$550

Profit & Loss Per Micro Lot = +$75/ -$55

Daily Price Outlook

• The USD/CAD pair is exhibiting a bullish bias around the 1.3635 level during the Asian session.
• Bullish momentum was observed in the Canadian dollar around the 1.3567 level, supported by hammer and spinning top candlestick patterns on the four-hour chart.
• Resistance is anticipated around the 1.3658 level, with potential targets at 1.3698 and 1.3745. Immediate support is expected at 1.3580, while a break below may target 1.3500.

During the Asian session, the USD/CAD pair is trading with a bullish bias around the 1.3635 level. Analyzing the four-hour timeframe, we can observe that the Canadian dollar has experienced a bullish momentum around the 1.3567 level.

The presence of hammer and spinning top candlestick patterns at this level indicates a potential bullish reversal for the USD/CAD pair. Additionally, this level aligns with another trendline visible on the four-hour chart, further strengthening the bullish sentiment.

On the upside, the Canadian dollar may encounter resistance around the 1.3658 level. A successful bullish breakout above this level could lead the Canadian dollar towards the next resistance level at 1.3698, and potentially even higher towards 1.3745.

On the downside, immediate support is expected around the 1.3580 level. If the Canadian dollar breaks below this level, the next target could be around 1.3500.

To summarize, it is important to monitor the 1.3560 level as a potential breakout above it could offer an opportunity to capture a bullish position. Conversely, keeping an eye on the 1.3603 level is also crucial, as a failure to break above it may present a chance to initiate a bearish position. USD/CAD Price Chart – Source: Tradingview

USD/CAD – Trade Idea

Entry Price – Buy Limit 1.36079

Stop Loss – 1.35600

Take Profit – 1.36975

Risk to Reward – 1 : 1.8

Profit & Loss Per Standard Lot = +$896/ -$479

Profit & Loss Per Micro Lot = +$89/ -$47

Daily Price Outlook

• Gold shows a slight bullish bias after rebounding from the key support level at $1940.
• A descending trendline near $1965 could pose as a significant resistance level.
• Key levels to watch are $1950 for potential upside continuation and $1940 for strong support.

The precious metal gold is currently trading with a slight bullish bias after rebounding above the key support level of $1940. This level has proven to act as a reliable support, aligning with our previous forecast.

Currently, there is a descending trendline that could provide significant resistance around the $1965 level. If gold manages to break above this level, the next immediate resistance is likely to be encountered at $1971.

Conversely, if gold slips below the $1970 level, the next target could be the resistance level at $1984. Looking at our technical indicators, both the RSI and MACD indicators and the 50-day exponential moving average suggest potential bullish continuation.

It is important to monitor the $1950 level as a possible breakout could lead to further upward movement. On the downside, strong support is expected around the $1950 level, while the major support level is at $1940.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1954

Stop Loss – 1930

Take Profit – 1989

Risk to Reward – 1 : 1.46

Profit & Loss Per Standard Lot = +$3500/ -$2400

Profit & Loss Per Micro Lot = +$350/ -$240

Daily Trading Signal

• The AUD/USD currency pair is experiencing a strong bearish sentiment around the 0.6515 level.
• Failure to break above the 38.2% Fibonacci retracement level suggests a continuation of the downtrend.
• Technical indicators like RSI and MACD indicate a bearish bias, supporting the idea of a downward movement in AUD/USD.

The AUD/USD currency pair is currently exhibiting a strong bearish sentiment around the 0.6515 level. The selling pressure intensified after the pair failed to break above the 38.2% Fibonacci retracement level, which acted as a solid resistance at around 0.6555. The candlestick patterns closing below this level suggest a potential continuation of the downtrend in the Australian dollar.

On the four-hour timeframe, the RSI is below the 50 level, indicating a bearish bias, while the MACD is forming smaller histograms compared to the previous ones, signaling a strong selling pressure in the AUD/USD pair.

Furthermore, the 50-day moving average is acting as resistance around the 0.6520 level, and the candlestick closing below this moving average supports the possibility of further bearish continuation.

Therefore, the outlook for the AUD/USD currency pair today is bearish. It is important to monitor the 0.6530 level and consider short positions targeting the 0.6489 level.

AUD/USD - Trade Idea

Entry Price – Sell Below 0.65260

Stop Loss– 0.65599

Take Profit – 0.64901

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$359/ -$339

Profit & Loss Per Micro Lot = +$35/ -$33

• The S&P 500 is currently experiencing volatility, with focus on US consumer confidence data.
• Resistance is observed around the 4210 level, forming a double top pattern.
• Support levels to watch are around 4175 and 4150, while a break above 4215 could lead to higher levels.

Good morning everyone!

The S&P 500 is currently experiencing some volatility as we enter the middle of the trading week. Today, the focus will be on the release of consumer confidence data from the US economy, which is expected to have an impact on the price action of the S&P 500.

Currently, the index is trading around the 4205 level and facing resistance around 4210. This level has now formed a double top pattern, indicating a potential reversal. The formation of bearish candlesticks below the 50-day exponential moving average further supports the possibility of a bearish continuation.

However, before we see a potential bearish continuation, there is a possibility of a minor correction in the S&P 500, with support expected around the 4175 level or even down to 4150. Today, it is important to monitor the 4215 level as it is likely to act as a pivot point.

Below this level, we can expect a bearish sentiment, while above it, a bullish sentiment may prevail. A break above the 4215 level could expose the S&P 500 to higher levels such as 4250 or even 4299. On the downside, key support levels are likely to be found around 4150 and 4103.

Let’s keep a close eye on these levels and observe the price action of the S&P 500 throughout the day.

SPX S&P500 – Trade Idea

Entry Price – Buy Above 4178

Stop Loss – 4131

Take Profit – 4250

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$720/ -$470

Profit & Loss Per Micro Lot = +$72/ -$47

• Gold is facing resistance at the $1,970 level, leading to a consolidation phase.

• Support is found at the $1,938 level, and a breakdown below this level may drive gold towards $1,920 or lower.

• Technical indicators like RSI and MACD are showing bearish signals, indicating selling pressure in gold prices.

On Tuesday, the price of gold is currently experiencing a challenge in surpassing the $1,970 level, leading to a consolidation phase. It is finding support around the $1,938 level, and a breakdown below this level could potentially drive gold towards the next support level at $1,920 or even lower towards $1,915.

Examining the technical indicators, both the RSI and MACD are showing signs of bearishness. The RSI has crossed below the 50 level, indicating a strong selling pressure in gold prices. Additionally, the MACD is forming shorter histograms, further confirming the bearish sentiment.

Currently, the double bottom pattern is providing significant support at the $1,938 level. If gold manages to break below this level, it is likely to continue its downward trend.

On the other hand, on the four-hour timeframe, there is a downward trend line acting as a major resistance for gold. A successful breakout above this trend line would suggest a potential continuation of the selling pressure below the $1,955 level.

Therefore, it is crucial to monitor the $1,938 level closely. If gold remains above this level, a corrective bounce towards $1,955 is possible. However, a breach below $1,955 could signify a renewed selling interest in the precious metal gold.

GOLD Price Chart – Source: Tradingview

GOLD - Trade Idea

Entry Price – Sell Below 1955

Stop Loss – 1975

Take Profit – 1915

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$4000/ -$2000

Profit & Loss Per Micro Lot = +$400/ -$200

Daily Price Outlook

• Bitcoin struggles at a crucial resistance level of $28,300, with technical indicators pointing towards an overbought market, suggesting a potential price correction.
• If Bitcoin can’t break through $28,300, shorting opportunities may arise, with targets set at $27,500 and even $27,000.
• A successful breach and close above $28,300 might motivate investors to go long, aiming for resistance levels at $29,000 and potentially $29,450.

In technical analysis, Bitcoin faces a significant hurdle at the $28,300 mark, emphasized by the four-hour ‘double tap’ pattern. The frequent candle closures below this point hint at buyer fatigue, suggesting a potential shift in market control to sellers.

Key technical indicators such as RSI and MACD are in the overbought zone, with RSI near 76.75 and MACD displaying extended histograms around 171. The wide gap between the 50-day EMA (approximately $27,000) and Bitcoin’s current market price (close to $28,000) suggests the market is overbought, signaling a potential price correction.

Investors might get a chance to short Bitcoin below $28,300, targeting $27,500 or even $27,000, if Bitcoin fails to surpass this level. Alternatively, breaking and closing above $28,300 could push investors to go long, aiming first for $29,000, then potentially higher near $29,450.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Above 27700

Stop Loss – 27000

Take Profit – 29000

Risk to Reward – 1 : 1.85

Profit & Loss Per Standard Lot = +$1300/ -$700

Profit & Loss Per Micro Lot = +$130/ -$70

Daily Price Outlook

• Gold shows a slight bullish bias, trading around $1,948, after finding support at the $1,940 level.
• The bullish crossover in the DMA Series indicator and Gold crossing above the 50-day EMA supports a positive outlook.
• Long positions might be considered if Gold secures closures above the 50-day EMA, targeting resistance levels at $1,960 or $1,965. If Gold breaks the $1,965 level, the next target could be around $1,975 or $1,984.

Good morning everyone, Gold, the precious metal, currently demonstrates a slight bullish bias after finding substantial support around the $1,940 mark. As it currently trades around the $1,948 level, a bullish candlestick pattern has formed and the subsequent candlestick also indicates bullish tendencies, implying that buyers are currently controlling the market.

Furthermore, the DMA Series indicator has started forming histograms above zero and has completed a bullish crossover, which adds to the optimistic outlook for Gold. In the four-hour timeframe, Gold has managed to cross above the 50-day exponential moving average (EMA) that was previously providing resistance at the $1,945 level.

If Gold manages to secure candle closures above the 50-day EMA, we may see an opportunity to take a long position, targeting the next resistance levels of $1,960 or $1,965. If the robust support continues to hold at the $1,940 level and this level is breached, the next support could be found around the $1,927.11 mark.

Alternatively, if Gold breaks through the $1,965 level, the next target could potentially be around $1,975 or $1,984.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1941

Stop Loss – 1928

Take Profit – 1963

Risk to Reward – 1: 1.70

Profit & Loss Per Standard Lot = +$2200/ -$1300

Profit & Loss Per Micro Lot = +$220/ -$130

Daily Price Outlook

• The EUR/USD pair displays a somewhat bullish trend, having found significant support at the 1.0706 level.
• A possible hurdle at the 1.0740 level might impede its progress, while a breach above this level could lead to the 1.0760 mark.
• With the Euro trading within the range of 1.0706 and 1.0760, we can expect a choppy session. A break below 1.0706 could provide a shorting opportunity.

On the technical front, the EUR/USD currency pair is exhibiting a somewhat bullish trend after finding significant support around the 1.0706 level. At present, the Euro has climbed above the 50-day exponential moving average (EMA), which is now providing it with additional support at the 1.0717 level.

A hurdle may be encountered around the 1.0740 level, which is extended by a downward trending line visible on the four-hour timeframe.

A bullish breach above the 1.0740 level has the potential to guide the EUR/USD pair towards the 1.0760 level. However, one could say that the EUR/USD pair is currently operating within a narrow trading range, with an upper boundary at the 1.0760 level and a lower boundary at the 1.0706 level. As long as the EUR/USD pair remains within this specific range, we can anticipate a choppy session.

Nevertheless, if the Euro manages to break below the 1.0706 level, we may have an opportunity to short the EUR/USD pair. For now, it is crucial to keep a close watch on the 1.0700 level; a breach below this could offer another opportunity to short the EUR/USD pair.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Sell Below 1.0750

Stop Loss – 1.0779

Take Profit – 1.0680

Risk to Reward – 1: 2.40

Profit & Loss Per Standard Lot = +$700/ -$295

Profit & Loss Per Micro Lot = +$70/ -$29

Daily Price Outlook

• AUD/USD finds support around 0.6490 level, trading at 0.6520.
• Bullish inside bar pattern formed on the four-hour timeframe, indicating a potential reversal.
• Targeting 23.6% Fibonacci retracement level at 0.6530, with further upside if resistance at 0.6555 is breached.

During the Asian session, the AUD/USD currency pair found support near the 0.6490 level and is currently trading around 0.6520. On the four-hour timeframe, a bullish inside bar pattern formed, characterized by a hammer candle followed by a strong bullish candle. This suggests a potential reversal from the previous bearish trend, with bullish momentum building.

The pair could experience a modest bullish movement, targeting the 23.6% Fibonacci retracement level at 0.6530. Further upside may be expected if the pair breaks above the resistance level at 0.6555, which coincides with the 38.2% Fibonacci retracement level. A breakthrough of the 0.6550 level could lead to the next target at the 61.8% Fibonacci retracement level around 0.6599.

However, if the pair violates the support level at 0.6490, it could decline towards the next support level at 0.6453. In summary, the 0.6490 level is likely to play a significant role as a pivot today, and traders should closely monitor for potential bullish retracement opportunities.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Trade Idea

Entry Price – Buy Above 0.64895

Stop Loss – 0.64614

Take Profit – 0.65550

Risk to Reward – 1 : 2.33

Profit & Loss Per Standard Lot = +$655/ -$281

Profit & Loss Per Micro Lot = +$655/ -$28