The market has formed sfp above the high which gives me an idea of where the market could go the likely scenario is a return back to the price around 158 from where a rebound and return back to lower levels could follow
After consolidating QNT setting for a breakout as you could see I plotted the downward motion if it's Bearish dip to VAL near $78 as well as the Bullish take profit zone of $145
This is the chart for the Global Money Supply. It's clearly bouncing on the channel. BULLISH !! Here's the formula to put in TradingView: (FRED:M2SL+ECONOMICS:EUM2*FX:EURUSD+LSE:JPM2/FX:USDJPY+ECONOMICS:CNM2/FX:USDCNH)/1000000000000
Since the low of the blue wave (ii), Decentraland’s MANA has been dragging itself through a sideways consolidation just above the support at $0.41. Soon, however, new buying pressure should arise and push the price well above the resistance at $0.85 during the current impulsive wave (iii) in blue. If MANA instead drops below the support at $0.41, the magenta correction wave alt. will reach a new low, and the blue upward five-wave movement will only start thereafter (35% likely).
Considering monetary policy alone, it seems questionable whether euro-pound’s recent strong gains are sustainable since the current difference in rates of 1.75% in favour of the pound probably won’t shrink more than 0.2 or 0.3% this year. That said, sentiment on the pound has deteriorated markedly in recent weeks as the British government’s borrowing has accelerated, inflation in the UK declined and the economy was overall stagnant in the third quarter of 2024. A gain of more than 1.5p by EURGBP in only about a fortnight is quite unusual. 84.5p was the area of the high at the very end of October last year, so this seems to be more established now as a resistance with several fairly large wicks over the last several periods. The 23.6% monthly Fibonacci retracement is a long way off at around 89p. If there’s a break above the current area, last summer’s highs around 85.5p or maybe slightly higher would seem to be more realistic for the near future. Neither the 200 SMA nor the 38.2% Fibo gave notable resistance earlier this month, so it’s questionable how strong they might be as supports. A lot depends on the ECB’s press conference and preliminary inflation from the eurozone next week. This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
The GER40 has had a very strong run upwards, and all shorter period charts, i.e. 6-12 months, Daily and weekly, all show we have potential for a solid decline. I think we should see lower 19,000 again based on the monthly chart outlook. For short-term I see first 20,450 as a possibility coming weeks. Strategy SELL @ 21,200-21,450 area and take profit near 20,575 for now.
In the current market scenario for Gold, we're witnessing a bullish setup on the 1-hour chart. ? After trapping early buyers below the trend line liquidity, we're anticipating a price reversal from the confirmed demand zone. This setup is particularly interesting because the target has been set at an impressive $2,763! ? This bullish movement is expected to be supported by strong demand, alongside a prior break of structure, which adds to the validity of this setup. ? The ideal entry point would be on confirmation at the demand zone, ensuring that you're positioned correctly for the upward movement. To manage risk effectively, it's wise to place your stop-loss orders just below this demand zone. ? Overall, this setup presents a promising opportunity for traders looking to capitalize on potential gains in the Gold market! Happy trading! ?
Monday’s bounce as the USA took a day off for the inauguration was quite vigorous but doesn’t seem to alter the overall technical picture significantly. With the BoE expected to cut about 0.15% more than the Fed this year in total and ongoing concerns about the British government’s budget and the country’s growth, the fundamental situation seems to favour more losses. $1.21 is still in view as a support while the test of the 38.2% monthly Fibonacci retracement around $1.233 seems to have failed for now. There’s no clear signal from the stochastic oscillator or ATR. The next obvious target below would be around $1.20, but there’d probably need to be a significant uptick in selling volume for that to be achievable ahead of next week’s meeting of the Fed. Meanwhile on Friday 24 January traders of cable will concentrate on British consumer confidence and flash PMIs. This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
Following trends, let’s make a fresh ATH @ForexFunded taught me best
Update: I'm in long. There is a chance for a pullback where I expect to be able to average in my order for a better price, so I'm not fully sized, but I still don't want to miss out if we push up from here.