MarketBreakdown | WTI OIL, GOLD (XAUUSD), USDCHF, EURCAD

29 ott 2021

Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.

1️⃣ WTI Crude Oil - Daily time frame 🛢️

The market remains bullish. For now, the price perfectly respects the boundaries of a rising channel.
Of course, the market is heavily overbought at the moment. Consider the breakout of a support of a channel
as a signal of a coming correctional movement.

2️⃣ GOLD (XAUUSD) - 6H time frame 🥇

Thursday was very bullish for the market & the price reached 1810 local structure high.
With a formation of three equal highs & three equal lows, it looks like gold is consolidating at the moment & stuck within horizontal trading range.
To catch the next bullish move wait for a breakout of resistance of the range,
that will be your trigger to buy.

3️⃣ USDCHF - Daily time frame 🇺🇸🇨🇭

After a strong bearish rally, the price is approaching 0.91 key daily structure support.
Taking into consideration that the pair is relatively oversold at the moment
I would expect a pullback from that level.

Look for a confirmation on lower time frames to buy safely.

4️⃣ EURCAD - Weekly time frame 🇪🇺🇨🇦

The market reached key weekly structure support.
I believe that the price will bounce from that structure.
Again, to buy safely, look for a confirmation on a lower time frame.

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