In today’s Traders Edge Market Briefing, Tomasz has found these amazing setups that we thought you’d find interesting.
Many instruments approach the end of this week on crucial support and/or resistances. I guess the next week will be full of some juicy movements on many assets.
Gold is still suffering, trying to defend mid-term dynamic support.
Silver is trying to defend the most important horizontal level this year, 22.2 USD/z.
SP500 goes down aiming for the long-term up trendline.
DAX with eyes on the 14200 points – as on Silver, the most important support this year.
USDCHF continues the drop after the false breakout from the symmetric triangle pattern.
EURUSD tries to catch some breath and aims slightly higher.
EURPLN reverses after the intervention from the Polish Central Bank and creates a false breakout pattern.
Mexican Peso with a possible inverse head and shoulders pattern on both pairs: with USD and EUR.
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Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.