Some patterns are still in progress from a prior trading alerts post.
British Pound Attempting Breakouts
I posted this potential pattern few weeks ago. We had a breakout above the neckline of the pattern last week. Yet, I would like a break of 1.33 to confirm the breakout and initial upside target at 1.3710 area.
Similarly, the GBPJPY is approaching a key long term horizontal resistance at 150.00. We had a breakout above the main descending channel and the 52-week simple moving average in recent weeks. Nevertheless, I want to see a break above 150.00 to confirm some serious upside potential.
EURUSD From PRZ Towards Channel Ceiling
EURUSD headed higher from the potential reversal zone of the three drives pattern I outlined last week. The upside move has extended and approaching a key area around the 50-days simple moving average and the descending resistance of the channel. If the price extends to that area of interest I will be monitoring for a bearish resumption signal.
USDSEK at Decade and a Half Resistance
USDSEK at a 15-year high and resistance area. We had an initial rejection in the past week. A decent level to look for bearish reversal trade. Alternatively on a breakout, some major upside will be likely.
SPX Hits Critical Resistance
After the recent downside pullback, the index managed to rally again towards the major resistance area shaded on the chart. I will be monitoring the price for signs of bearish reversal or a bullish breakout. A breakout above that 2820 targets 2870 and 3040 all-time high.
DAX Approaching Another Decision Point
German DAX is back at the neckline of the previously completed head and shoulders top. The 52-week simple moving average also resides near the same areas, and that indicate a potential resistance for the price in the near term.
Turkey’s BIST 100 Lookin’ Good
A promising pattern on the Turkish BIST 100 index. We had multiple breakouts above the52-week average and the multi-month sideways range. The price has been retesting the that broken resistance-turned-support for a while. We may see a bullish resumption wave soon.
Trading alerts are meant to alert traders for completed and potential patterns as they develop. In addition to key support and resistance levels being tested. These alerts should be considered a heads-up and only as guidelines, not a buy or sell signal.