MarketBreakdown | EURUSD, GOLD, USDJPY, USDCAD

28 apr 2021

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1️⃣ EURUSD - 8H time frame

The market remains bullish and trades within a rising parallel channel.

Though bias remains bullish, it looks like the pair is slowing down.
The last higher high did not manage to reach a resistance of the channel
and returned back to retest a channel's support.

In case of a bearish breakout, be prepared for a potential correctional movement.
The pair looks too overbought.

2️⃣ USDCAD - Daily time frame

The pair is very close to a year's low.
The price has already formed a dodji candle so a pullback is highly probable.

Keep monitoring the intraday time frame for a pullback trade.

3️⃣ GOLD - 16H time frame

The price broke and closed below a support line of a rising wedge pattern.
It looks like the retracement leg may proceed.

The closest support to watch is 1748 - 1758

I did not short because the price did not reach a key level within the wedge.
Instead, I will look for buying opportunities from support.

4️⃣ USDJPY - 3 Days time frame

The price has respected a major rising trend line.
The market has formed a nice dodji on that and we see a nice consequent bullish continuation.

The pair will most likely keep growing.
Next resistance - 109.7

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29 apr 2021

Nota

Check my new analysis on USDCAD: