Recent content by Profitable Forex

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    XAUUSD Will go uptrend?

    From a technical perspective, nothing seems to have changed for Gold price and the near-term bias remains tilted firmly in favour of bullish traders. Hence, some follow-through strength back towards retesting the all-time high, around the $2,070-$2,075 region, looks like a distinct possibility...
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    Will EURUSD go down?

    A temporary top is formed at 1.1075 in EUR/USD with current retreat and intraday bias is turned neutral first. Some consolidations could be seen but outlook will stay bullish as long as 1.0830 support holds. Above 1.1075 will resume larger up trend to 1.1273 fibonacci level. Break there will...
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    AUD/USD Daily Report

    AUD/USD’s recovery from 0.6619 continues today but stays well below 0.6792 resistance. Intraday bias remains neutral for the moment. Risk stays on the downside with 0.6792 resistance intact. Below 0.6619 will bring retest of 0.6563 low first. sustained break of 0.6563 support will resume the...
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    EUR/USD Daily Outlook

    In the picture, rise from 0.9534 (2022 low) is in progress with 38.2% retracement of 0.9534 to 1.1032 at 1.0460 intact. The strong support from 55 week EMA (now at 1.0625) was also a medium term bullish sign. Next target is 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained...
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    EUR/AUD Daily Outlook

    No change in EUR/AUD’s outlook as further rally is expected with 1.6033 support intact. Decisive break of 1.6389/6434 cluster resistance zone will carry larger bullish implications. However, firm break of 1.6033 support will confirm short term topping, after rejection by the mentioned...
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    Long USD/CAD, Rate Differential and Price Action Support Further Upside

    Looking at the potential scenarios which could come into play on USDCAD, the most risk-averse entry opportunity is likely to present itself with a break and candle close above the trendline or a break and then a potential retest. However, there is also the possibility of a push down toward the...
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    Euro Q2 Technical Forecast: EUR/USD Presents Attractive Price Action for Now

    The euro pushed higher against the U.S. dollar during the first quarter of 2023 and briefly reached its best level since April 2022 in early February. When risk-off mood erupted in global markets, sellers returned, preventing EUR/USD from clearing the 1.1035 area, a major technical ceiling...
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    NZD/USD stays pressured around 0.6250 focus on US NFP

    The NZDUSD pair faces negative pressure to attack 0.6290 level and attempts to hold below it, which urges caution from the upcoming trading, as the price needs to consolidate above this level to keep the positive scenario active, which its next targets located at 0.6385 followed by 0.6440...
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    News effect of NZD related market

    The central bank has increased the official cash rate or interest rate of the New Zealand dollar by 0.50%. Although the expectation was to increase by 0.25%, the increase of 0.50% is quite surprising. Such a big decision has been taken due to high inflation and stagnant job market. And with the...
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    Will USDJPY make "W" pattern?

    USDJPY is making W pattern in day candle . The double bottom pattern looks like the letter "W." The twice-touched low is considered a support level. The double bottom pattern always follows a major or minor downtrend in a particular security, and signals the reversal and the beginning of a...
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    Will USDJPY go uptrend or downtrend?

    Intraday bias in USD/JPY is turned neutral with 4 hour MACD crossed above signal line. On the downside, break of 129.62 support will resume the whole decline from 137.90 to retest 127.20 low. On the upside, however, above 133.74 resistance will turn bias back to the upside for another rise...
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    Will EURUSD go uptrend?

    Daily Pivots: (S1) 1.0875; (P) 1.0923; (R1) 1.0954 A temporary top was formed at 1.0972 and intraday bias in EUR/USD is turned neutral first. Further rise is expected as long as 1.0787 support holds. Above 1.0972 will resume the rally from 1.0515 to retest 01.1032 high. Firm break there will...
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    AUDUSD and news effect analysis

    Here is the analysis
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    AUDUSD and news effect analysis

    Technical analysis of the AUD/USD pair involves examining price charts and using indicators to identify trends and potential price movements. Traders may also use fundamental analysis to evaluate the economic and political factors that could affect the pair. AUD/USD’s consolidation from 0.6563...
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    Profitable strategy

    Some potential support levels for the EUR/USD pair could be found around 1.17, 1.15, and 1.13. Meanwhile, some potential resistance levels could be found around 1.20, 1.22, and 1.24.The RSI is a momentum oscillator that can help traders identify overbought and oversold conditions in the market...
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