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Category Archives for Free Forex Trade Setups

EURUSD: All Eyes on This Bearish Reversal Pattern

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The EURUSD is coming off hard following Wednesday’s relatively hawkish FOMC.

The euro is plunging below the 1.2000 level today, so we’ll have to wait and see where it closes at 5 pm EST.

A weekly close below 1.2000 would likely flip the level to resistance.

Another scenario I’m keeping a close eye on is the potential bearish reversal pattern since last August.

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USDCAD Is Due for a Bounce

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USDCAD feature image

The USDCAD is down 2,500 pips since March 2020.

Every time the pair gained a few hundred pips, sellers were there to send it even lower.

However, USDCAD is coming off multi-year support near 1.2000.

You can see how the 1.2000 area has served as support since 2015.

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XAUUSD Symmetrical Triangle Points to $1,960

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XAUUSD gold chart

Last week, I discussed a few support and resistance levels for gold.

So far, the market is behaving and responding to each level as expected.

However, I want to take a different perspective today.

The XAUUSD consolidation since late May appears to be carving a symmetrical triangle.

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EURUSD: Bullish Continuation or Deeper Retracement?

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EURUSD daily chart

The EURUSD is having trouble finding direction.

I can say the same about the entire Forex market.

Direction and momentum is something many currency pairs are struggling with at the moment.

Everything from the EURUSD to the USDJPY is in a stalemate.

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XAUUSD Bulls Push to Expose $1,960

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XAUUSD (gold) has reached our next target just above $1,900.

I wrote about this area in the May 20th commentary, along with the more significant $1,960 level.

Given the way XAUUSD is refusing to back down, I wouldn’t be surprised to see a breakout above $1,910 in the coming days.

That said, keep in mind that $1,900 to $1,910 is a minor area compared to $1,960.

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