EURUSD
The EUR/USD chart indicates that the current price is at 1.10309, with resistance levels identified near 1.10703, as indicated by the red Supertrend line. The green Supertrend line at 1.10629 further underscores this resistance, suggesting a bearish short-term sentiment as the price remains below these levels. The RSI is at 46.44, reflecting a neutral to slightly bearish momentum, with no immediate signs of being overbought or oversold. A support zone lies around 1.09500 – 1.10000, which could provide a cushion if the price retraces. Overall, the market appears to be consolidating with a bearish bias unless the price breaks above the 1.10703 resistance, which could signal a shift to a more bullish outlook.
GBPUSD
The GBP/USD chart shows a current price of 1.30574. The red Supertrend line at 1.31296 acts as resistance, indicating a downtrend, while the green Supertrend line at 1.31117 represents potential short-term support. The RSI is at 43.00, signaling a slightly bearish momentum but not yet oversold, indicating there could still be room for further downward movement.
The price recently bounced off the support zone around 1.30100 – 1.29700, suggesting that this level is holding for now, but the overall trend still points downward due to the resistance levels. If the price continues to rise above the 1.31117 level, it might challenge the 1.31296 resistance, potentially shifting the market outlook to a more bullish scenario. However, the RSI indicates weakness in momentum, meaning the bearish trend could continue unless a strong breakout occurs above the resistance level.
XAUUSD
The XAU/USD chart indicates a strong upward move, with the price currently at 2,546.15, breaking above the Supertrend resistance level at 2,527.58, which previously signaled a downtrend. The new Supertrend support is at 2,496.52, and this level is likely to act as a key support zone if there is a pullback.
The RSI is at 72.12, which indicates that the market is entering overbought territory, suggesting that while momentum is strong, there might be some profit-taking or consolidation ahead. However, the upward breakout through previous resistance, combined with the bullish momentum in the RSI, implies that the market could see continued upside, though caution is warranted due to the overbought conditions.
The chart also highlights previous support around 2,483.48 and 2,477.74, areas that can act as secondary supports if the price reverses or retraces from its current levels. Given the strong bullish momentum and the breakout of significant resistance, a continuation of the uptrend is likely unless a sharp reversal occurs.
Leave A Comment