Breaking Out!

Meantime, some patterns are still in progress from prior trading alerts post.

Gold Short Term Bias Turns Bearish

Gold Daily

The metal has broken an important short term support area. In addition to the main daily rising trend line. I will be looking to short on a retest of that broken support. For a near term target at $1278.

EURGBP Breaks Range

EURGBP Daily

The price has taken the key horizontal support area around 0.8650. Potential downside target starts at 1.618 extension level at 0.8480.

Equities Over-extended

S&P500 Daily

Equities indices have rallied sharply and are excessively overbought in the short term. S&P500 rallied 20 percent from the December bottom to retest horizontal resistance around 2816. Monitoring for short term bearish confirmation to short anticipating a meaty downside pullback.

CADCHF Triangle Breakout

CADCHF Daily

The pair had a similar pattern late last year, and the breakout resulted in a significant bearish wave. Closing below the 50 days moving average would be a reasonable confirmation for more to the downside.

GBPCHF Broken Resistance Being Retested

GBPCHF Daily

The pair has been in a steady uptrend. We had a nice breakout above the horizontal resistance area 1.31-1.32, which could turn to support now. I would monitor the hourly and four-hour charts for a trigger confirmation signal before going long.

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.