EURUSD broke out of a multi-year wide last year and retested the top of that wedge in November 2020. That said we know EURUSD is in early stages of a multi-year bullish breakout.
On the daily time frame, it is currently in a rising wedge pattern. The pair close below 1.2150 support level on Friday exposing 1.20 which is the top of the range that it broke from in December.
A close below 1.20 will confirm the rising wedge and expose lower level like 1.160 and the top of the multi-year wedge.
Alternatively, a buy signal from 1.20 will keep the bulls in control and expose 1.2150, 1.2350 and the top of the rising wedge.
EURUSD daily time frame
We have had GBPNZD on our chat since it broke out from the trend line May 2020 we successfully followed it to the bottom of the multi-year channel. GBPNZD broke out of this channel in November and has been consolidating in a range between 1.905 and 1.865. There is also a falling trend line that originated in December of 2019.
I still think that GBPNZD is poised to move lower. However, sellers have to clear the range and break out from the trend line in the region of 1.86447 to expose 1.8280 followed by 1.7454.
Alternatively, a daily close above 1.905 will expose the bottom of the channel n the region of 1.930.
GBPNZD daily time frame
AUDJPY confirmed a reversal/an inverse head and shoulder two weeks ago on the weekly time frame, there is also a rising wedge in play here, price is currently at 79.775 support level. We need a close above the top of the wedge to negate its bearish potential in which case attention should be focused on inverse head and shoulders. In the second scenario a close below the neckline of the inverse head and shoulders; to negate it in which the rising wedge becomes the viable pattern.
AUDJPY weekly time frame
Gold has been consolidating since it’s top in august 2020 and it is currently in a potential bull flag in a form of a descending channel; bull flags are usually continuation patterns.
I favour buying on dips that are from the bottom of this channel and riding it all the way to the top of the channel. A break out from the channel will expose higher levels like 1970, 2015, and an eventual retest of the all-time high at 2075.
XAUUSD daily time frame
By: Chijioke Maduakor
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