The EUR/USD pair fell from its resistance level on a 30 minute time frame. This resistance level was given in our analysis on Friday. The price is trading within the descending triangle pattern and if this pattern does play out completely it could easily push the price towards the 1.3056 level. The EUR/USD pair has also broken the upward trend line which represents the weakness in the price.
Read MoreGold has broken out of a symmetrical triangle- a bullish pattern on a 30 minute time frame. If this pattern does play out completely then it could easily reach near the 1440 resistance level. The price is trading above the 50-day (shown in green) and 100-day (shown in yellow) moving averages which means the bulls have finally taken the control. However, the RSI is not so bullish and it is trading in line with the price action which means bias could be to the downside.
Read MoreThe EUR/USD pair fell from its resistance zone on a 30 minute time frame. The volatility for the pair is high as the price has pierced the Bollinger band and it is trading far enough from its 20-day moving average. The piercing of the Bollinger band has a significant importance when this occurs at an important level of support or resistance, as this could bring a pause or a reversal in the trend.
Read MoreThe USD/JPY pair has formed a double bottom -a bullish pattern on a 30 minute time frame. However, the descending triangle – a bearish pattern is also in play and this will not be completed until the price reaches near its full projection zone which is at the 98.08 support level. The pair is still trading below the 50 day (shown in green) and the 100-day (shown in yellow) moving averages which suggest that the bears are still in control of the price action.
Read MoreThe EUR/USD pair has broken the ascending triangle (a bullish pattern) to the upside on a 30 minute time frame. If this pattern does play out completely then we could easily see the price moving towards the 1.3169 resistance level. The price is also trading above the 50 day (shown in green) and 100 day (shown in yellow) moving average which means the bulls are in complete control. Moreover, the price is also trading above the rising trend and hasn’t broken this line yet which further strengthens this argument.
Read MoreBear Scenario
The GBP/USD pair is trading in a resistance zone on 30 minute time frame. The price has pierced the Bollinger band at this level and it is trading above its 20-day moving average. The piercing of the Bollinger band does have a significant importance when this occurs at an important level of support or resistance. In this scenario, the GBP/USD has pierced the Bollinger band at an important level of resistance and thus it could reverse the trend or bring a temporary pause in this upward trend.
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