+84 888161016

24/7 Customer Support

Mon - Sunday: 24/24

Online store always open

Weekly Technical Outlook: Trend Continuation for GBP/USD and the Dow (DJI) Plus a Major Support Level for the FTX Token (FTT)

November 7, 2022| Forex Market

Still looking for swing setups to trade?

I gotchu!

This week we’re checking out trend continuation opportunities for Cable and the Dow as well as the FTX token (FTT) testing a MAJOR support level:

GBP/USD 4-Hour Forex Chart

GBP/USD 4-Hour Forex Chart

First up is Cable, which has been showing higher highs and higher lows since finding support at 1.0400 in late September.

GBP/USD is now working its way up an ascending channel after bouncing from the pattern’s support zone.

Can GBP continue to gain against USD? The 100 SMA that just crossed above the 200 SMA is saying “bet.”

GBP bulls can take advantage of the current upswing and buy Cable all the way to the trend line resistance.

I’m talking about the trend line resistance that hasn’t been broken ALL YEAR!

If you see GBP/USD’s trend line holding for another day, then you should also be ready to trade a possible trip back to October’s lows.

FTT/USD Daily Chart

FTT/USD Daily Chart

Where my crypto-trading homies at?

The FTX token (FTT) just got dragged back to the 22.00 zone against USD yo.

Not only is 22.00 near the daily time frame’s descending triangle support, it also lines up with a major support level from 2021. Basically, FTT/USD bears haven’t cracked the 22.00 area since early 2021.

A breakout below 22.00 opens the token to a move back to the 13.00 – 14.00 previous inflection points.

However, a legit bounce above 22.00 could push FTT/USD back to the 26.50 triangle resistance if not the 28.00 – 29.00 areas of interest.

Dow Jones Industrial Average (DJI): Daily

Dow Jones Industrial Average (DJI) Daily Chart

Dow Jones Industrial Average (DJI) Daily Chart

In case you missed it, The Dow Jones Industrial Average (DJI) saw a nice 14.50%ish gain since mid-October after bouncing from the 28,800 level.

The U.S. stock index is now trading 32,500, which is verrry close to the daily chart’s 200 SMA.

Not only that, but DJI’s current levels also line up with the top of a descending channel. The cherry on top of the sweet setup is Stochastic showing a bearish divergence with daily prices.

A fresh bearish momentum could drag DJI to the 31,000 area near the 100 SMA or the big 30,000 mid-channel levels.

An upside breakout, on the other hand, just might push DJI back to the 34,000 or 35,000 previous areas of interest.

Source link

Categories: Trading tips

Get In Touch!

What type of Forex Tool(s) are you interested in ?
How can we reach you ?