Every good chart analysis should start with a bigger picture view and by identifying the most important price levels. In this article, I have selected the 11 most important charts right now.
The USD Index dipped into a big demand zone end of last week. So far, it looks like the buyers are stepping in at the lows. However, the current Daily candle is turning bearish again.
Keep in mind that it’s also FED week and news may lead to significant price fluctuations.
The USD/NOK is currently breaching the big demand zone that was the origin of the last major uptrend.
With the USD bearishness, it seems possible that the price may break into fresh lows and extend the massive sell-off.
The NZD/SGD is trading into previous resistance. The price action shows a significant bullish rally on the Daily chart. Just above the current resistance level another major resistance will be waiting for the price if the breakout is successful.
Gold is still trapped in its range and last week, the price touched the support level once again.
A break may lead to a new bearish trend. But as long as the price is stuck in the range, it’s considered a neutral market.
Wheres,the Nasdaq already touched all-time highs, the S&P has yet to close the gap. Currently, it’s trading around 200 points below the all-time highs.
Just below the all-time highs, an unfilled gap is waiting for the price.
Every since the FED announced unlimited Q&A, the index has been trading higher.
The EUR/USD has completed a 261 Fibonacci extension that is located right at a previous supply zone.
However, with the weakening USD, a reversal does not seem that likely.
The GBP/NZD is struggling at previous support. The price reached the origin of the past major uptrend. And just underneath, a support-resistance zone is keeping the price from falling lower.
The price action shows extremes bearishness and bulls need to be cautious thinking about a potential reversal.
A break below could further accelerate the sell-off.
Compared to the EUR/USD, the EUR/JPY feels more bearish.
The price is currently forming a 3-candle reversal structure after teaching the significant resistance zone marked in green.
After Friday’s pinbar, today seems to turn into a bearish day.
The EUR/AUD is not able to find a bottom after the almost 3 months sell-off.
The price is currently still pushing lower. The price reached the origin of the last major uptrend last week. But so far, the bulls are not interested in taking action and the price Daily candlestick is trading close to the lows.
The CAD/CHF may face strong overhead resistance as the price is nearing a resistance level that coincides with a trendline.
The CAD/JPY, which is highly correlated, is already trading at the resistance level and may offer better trading opportunities if the bullish momentum fades early.
The AUD/JPY, like many other AUD pairs, is currently trading into a big resistance zone.
The green marked area triggered the previous sell-offs over the last 12 months.
The price action on the AUD is extremely bullish though and unlike what we have seen in the past.