SPY: Bearish Continuation is Highly Probable! Here is Why:
Remember that we can not, and should not impose our will on the market but rather listen to its whims and make profit by following it. And thus shall be done today on the SPY pair which is likely to be pushed down by the bears so we will sell!
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Forecast
DXY Is Very Bullish! Long!
Please, check our technical outlook for DXY.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 102.912.
Taking into consideration the structure & trend analysis, I believe that the market will reach 104.409 level soon.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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NZDUSD Is Going Down! Short!
Here is our detailed technical review for NZDUSD.
Time Frame: 2h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 0.610.
Considering the today's price action, probabilities will be high to see a movement to 0.605.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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SPY BEARISH BIAS RIGHT NOW| SHORT
Hello, Friends!
We are going short on the SPY with the target of 545.10 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band. However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
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GBP/AUD BEST PLACE TO BUY FROM|LONG
Hello, Friends!
We are now examining the GBP/AUD pair and we can see that the pair is going down locally while also being in a downtrend on the 1W TF. But there is also a powerful signal from the BB lower band being nearby indicating that the pair is oversold so we can go long from the support line below and a target at 1.945 level.
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QQQ: Weak Market & Bearish Forecast
The charts are full of distraction, disturbance and are a graveyard of fear and greed which shall not cloud our judgement on the current state of affairs in the QQQ pair price action which suggests a high likelihood of a coming move down.
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USOIL Will Grow! Buy!
Take a look at our analysis for USOIL.
Time Frame: 9h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 7,527.3.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 7,913.5. level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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USOIL BEARS ARE STRONG HERE|SHORT
Hello, Friends!
It makes sense for us to go short on USOIL right now from the resistance line above with the target of 71.99 because of the confluence of the two strong factors which are the general downtrend on the previous 1W candle and the overbought situation on the lower TF determined by it’s proximity to the upper BB band.
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GBP/JPY BEARS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
GBP/JPY is trending down which is clear from the red colour of the previous weekly candle. However, the price has locally surged into the overbought territory. Which can be told from its proximity to the BB upper band. Which presents a great trend following opportunity for a short trade from the resistance line above towards the demand level of 182.685.
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SPX Will Go Lower! Sell!
Take a look at our analysis for SPX.
Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 5,780.02.
The above observations make me that the market will inevitably achieve 5,678.77 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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LTCUSD Will Go Up! Long!
Please, check our technical outlook for LTCUSD.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 64.86.
Taking into consideration the structure & trend analysis, I believe that the market will reach 71.34 level soon.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GBPUSD Will Move Higher! Buy!
Here is our detailed technical review for GBPUSD.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 1.307.
Considering the today's price action, probabilities will be high to see a movement to 1.312.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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AUDNZD Is Bullish! Long!
Take a look at our analysis for AUDNZD.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 1.104.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 1.108 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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GOLD Is Going Up! Buy!
Here is our detailed technical review for GOLD.
Time Frame: 7h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 2,614.230.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 2,645.049 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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BITCOIN SENDS CLEAR BEARISH SIGNALS|SHORT
Hello, Friends!
BITCOIN pair is in the uptrend because previous week’s candle is green, while the price is obviously rising on the 30m timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 59,547 because the pair overbought due to its proximity to the upper BB band and a bearish correction is likely.
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EUR/NZD BEARS ARE GAINING STRENGTH|SHORT
Hello, Friends!
EUR/NZD pair is trading in a local downtrend which know by looking at the previous 1W candle which is red. On the 12H timeframe the pair is going up. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 1.771 area.
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EUR/JPY SELLERS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
We are going short on the EUR/JPY with the target of 162.473 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band. However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
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EUR/CAD BEARISH BIAS RIGHT NOW| SHORT
Hello, Friends!
EUR/CAD is making a bullish rebound on the 4H TF and is nearing the resistance line above while we are generally bearish biased on the pair due to our previous 1W candle analysis, thus making a trend-following short a good option for us with the target being the 1.497 level.
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GBPCAD: Will Keep Falling! Here is Why:
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current GBPCAD chart which, if analyzed properly, clearly points in the upward direction.
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