NASDAQ at Highs but Watch for a Retracement

The US100 – NASDAQ has been trading in an upper range indicating a strong uptrend. This is the case partially to Yen getting weaker.

We can spot 2 POC zones. The first zone 13495-13600 is a shallow retracement, usually seen in strong trends. 38.2 Fib is making a confluence with W L4. On the other hand, we can see POC2 at 88.6/M L3 at 12794.Watch for rejections in any of the zones towards 14050 followed by 14109 and 14300. Breakout will happen above 14050. W H5 is 14366 which is the weekly target after a breakout.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

OIL Range Expansion is a Possibility

Oil has been consolidating in a rectangle and we could see a move up before the price drops.

Since March 17 we have seen a consolidation in the oil price. We don’t know if the market is going to continue with any trend until the range is broken. At this point we should see a drop from 78.6-88.6 zone towards W L4 camarilla. However, the POC zone needs to be reached – 63.22-63.98. When the price gets there, I assume another drop is coming towards 57.52 which will be the target for the move. This will create another rectangle and possible range 50-65.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

EUR/AUD It’s Time for Sellers to Turn the Tables

The EUR/AUD is making a 1-2-3 hook pattern and we should see a move down. Sellers are here.

After a retracement, the pair has come to W H3 camarilla pivot. However, it is not just the W H3, it is also a M H4 which indicates a monthly camarilla pivot level. I see a continuation lower towards 1.5538 and a potential for 1.5465. Sellers are in control at this POC as the AUD is getting stronger. Watch for a drop from the POC zone towards above-mentioned levels.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

GOLD V-Shaped Reversal Opens the Way to 1770 Zone

GOLD has come to the point where it will be either continuation to the upside or move lower. At this point it is looking bullish.

Consolidation between the ascending trend line and flat top has almost come to an end. Vortex of the consolidation pattern should soon break. V Shaped reversal brought the price higher and the 1740 zone should support the bulls. If we see the breakout first target will be 1751 followed by 1762 and 1779. As long as the price is above 1725, bulls are in control. Break below 1731 and we will see the breakout to the downside.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

Oil Retracement Towards the Trendline then Another Drop in the Price

Oil is ranging and the market is very slow. We could see a move to the upside towards the POC zone.

If the market makes the move towards the POC zone, we might have a sell trade. 61.26-61.72 is where we could expect the price to go. Descending trend line and M H3 resistance constitute for a confluence. A rejection from the zone targets W L3 W L4 and ATR low. 57.11 is the final target if we see a move down.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

GBP/USD Hook Pattern for a New Bearish Impulse

The GBP/USD has formed 1-2-3 pattern and this is a U-turn after a retracement. Sell trades are going well and the market is bearish.

The trend line shows a bearish continuation move as the price was unable to break the previous high. We have a continuation after the POC 1.3875-1.3900. Close below 1.3799 will be bearish for the pair and we should see a continuation towards 1.3749 and 1.3680. Market is bearish and there is no sign of the trend change. Selling the rallies continues.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

GOLD Retracement for the Next Wave of Selling

Gold is retracing mostly because of the AUD strength. The market went to resistance and I expect bearish continuation.

1738-1746 zone should provide us with bearish rejection. W H3 is an additional level which provides confluence to bearish gold outlook. 1-2-3 pattern is in play. Targets are 1725 followed by 1714, 1699 and eventual retest of 1672. I don’t expect all targets to be hit at once but possibly during the week or next week.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

EUR/USD Slow Bearish Action During the Bank Holiday

The EUR/USD is still bearish. We should see a continuation down as the price has made 1-2-3 pattern at resistance.

D H5 and W L3 are camarilla pivots in the resistance zone of the EUR/USD. European banks are on Eastern holiday, so we might see slow movement and low volatility. 1.1755-65 is the entry zone for the pair and continuation of the trend should lead towards 1.1720 and 1.1677, but it will probably not happen today. The US banks are working normally so we might see a volatility jump in the afternoon.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

Gold Bulls are Rallying as the Price Hit the Double Bottom

Gold is in downtrend but we can see that the double bottom formation has formed and we could see a move to the upside.

1676 is the historical buying zone. If you scroll the Daily chart back in history, you will see that the same accumulation happened before in April 2020 so we could see a move up. However I don’t expect the move to be that strong as in 2020. What I see is a move towards 1738-46 where we could see short trades. So, watch for a move up then rejection in the POC zone towards the double bottom.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

Silver Strong Bearish Trend Continues After a Corrective Move

Silver is bearish. However, the market is in a correction mode and we should see a continuation down.

There are two POC zones. The first zone 24.50-90 is the order block zone. We also might see a move down straight from the zone. The POC 2 is a retracement zone. We can also spot a confluence with the W H5 camarilla. In both cases we should see a move down towards 23.43 and 22.47.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

GOLD Bears are Dominant as the Price is Moving Further Down

Gold is very bearish. We can see that rallies are sold into and that was pretty much expected.

The POC zone is 1729-32. As the momentum is strong I don’t think we will see a retracement to the zone but rather smaller rallies will be sold. That being said watch for 1705 – 1715 for next wave of selling, Below 1700 we should see a continuation towards 1684 but also below 1684 towards 1675.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

AUD/NZD Double Bullish Pennant Breakout and Continuation

The AUD/NZD is very bullish. We should see a bullish continuation. Double pattern has been broken and the price is proceeding further up.

Breakout above W H4 has made another strong move to the upside and now is all about either retest or continuation. On a retest of 1.0835 zone or 1.0910 I expect a continuation up. Even if the market drops to 1.0900 it will be a consolidation before a move up. Final target is 1.10055. It’s buy the dips scenario.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

GBP/CAD Bearish Move Could Restart

The GBP/CAD is having a retracement. A temporary low close to D L5 camarilla has been formed.

If the market retraces, we should see a move towards 1-2-3 entry at the POC zone which is 1.7282-1.7295. The POC zone should give us a rejection towards lower levels on camarilla. Targets are 0.7230 and 0.7175. However, first we should see a move up then a drop. The market is retracing now as a part of profit taking and this market is generally bearish.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

Gold Retracement is Coming

Gold is still bearish and we could see a move up as a part of retracement. Profit taking and new buyers are joining.

The POC in the GOLD comes at 1725 as the price is bullish. We could see a continuation towards 1740. If the 1740 is broken we will see a move up towards 1760 and above. This is where historical buyers are so we can see a potential for a move up. Have in mind that bullish move is a part of retracement in downtrend and we still can make money by trading the setup.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

EUR/JPY Downtrend is Strong but Watch for a Pullback

The EURJPY is strongly bearish. We could see a pullback which could get the price towards the POC zone.

The POC in the EJ comes within 129.70-80. 1-2-3 could form just there and if that happens new sellers will join. Selling pressure should continue towards 129.35, 129.92 and possibly 128.55. We can also see the W H4 camarilla pivot and the trend line which constitute a confluence for fresh selling. Watch for a move up then new selling.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

GOLD Selling Continues as the Price is Sold on Rallies

Gold is strongly bearish. Friday’s rally was used to sell at a better price. I expect a continuation of a short trend.

The POC in Gold comes within 1742-1750. We could see selling again if the price returns back to the POC zone. Continuation of the move should happen below 1725, towards 1718, 1706 and 1696. Bears are still dominating, meaning that even if the price comes higher above 1750, we could still see selling within the 1800 zone.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

GOLD POC zone Shows Strong Sellers

After the FOMC, GOLD spiked up as the weakness in the USD was imminent. Stock went up, USD down and GOLD up as a part of inter market correlation.

GOLD is bearish. No matter the FOMC positive tone, I expect GOLD to drop as the markets are favouring other safe havens. Investors might start selling GOLD again and retail traders are joining the fray. 1740-50 is the POC zone and I expect rejections. Targets are 1728, 1718 and 1708. At this point I am selling on rallies. Only above 1760 we will see a deeper retracement up, as the trend is still down.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

S&P 500 Bullish Range Persists but Watch for the FOMC Meeting

Today we have a FOMC meeting. Federal Funds Rate should remain below 0.25 % and generally I expect a balanced to positive FOMC statement.

If there are any surprises from the market we could see a strong move to the downside as a part of a retracement. That could actually mean a good thing for buyers as we could start searching for long opportunities. A drop in the SNP500 could go towards the POC. 3752-3777 is the zone. If the breakout happens watch for 3981 to the long side towards 4024.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

GBP/USD Big SHS Pattern as the Drop is Expected After a Pullback

The GBP/USD is bearish. We could see a move to the POC zone and from there we might expect a fresh drop.

1.3883-1.3893 is the POC zone. There is a confluence of a SHS pattern trendline and the zone. If the strong trend persists then it will be hard to break the 1.3856 zone too. The target is 1.3800. Look for potential rejections close to 1.3856 or the POC zone. If 1.3900 stays unbroken, the bearish trend will likely continue.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

Gold is Ready for a Fresh Drop

Gold is very bearish. The price should retrace to the POC zone and start a fresh move down.

The POC zone 1742-50 is the important zone where we can expect fresh sellers. If the market retraces back there, we might expect a fresh move down. Targets are 1708 and 1692. Further continuation down will lead the price to retest 1661. As long as 1776 holds, gold bears are safe. Selling on rallies is the way to go now until proven otherwise.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad